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Originally published Monday, April 9, 2012 at 9:59 AM

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Icahn sues Amylin in effort to shake up board

Billionaire investor Carl Icahn is suing Amylin Pharmaceuticals Inc., saying he and other shareholders should get more time to nominate candidates to the diabetes drug maker's board of directors.

The Associated Press

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NEW YORK —

Billionaire investor Carl Icahn is suing Amylin Pharmaceuticals Inc., saying he and other shareholders should get more time to nominate candidates to the diabetes drug maker's board of directors.

Icahn said Monday that Amylin is "at a crossroads" and stockholders deserve a chance to nominate new directors. The activist investor said he wants to nominate directors who will listen to offers for the company and accused the current board of diluting the value of Amylin shares. He filed a lawsuit against the San Diego company in Delaware court.

Amylin, which sells the diabetes drugs Bydureon and Byetta, said the lawsuit is "without merit." It said the company is aware of its fiduciary responsibilities and is committed to acting in the best interest of all its shareholders and creating value for shareholders.

Last week, Bloomberg News reported that Bristol-Myers Squibb Co. offered to buy Amylin for $3.5 billion, or $22 per share. Neither company has commented on that report. Icahn said the company should have told shareholders about the offer and that it made a mistake by refusing to pursue a sale. On Wednesday he asked Amylin for more time to nominate competing candidates to the board, and said he would sue if the company didn't grant the request.

Icahn also criticized the company for selling stock to the public at $15.62 per share shortly after it had granted options to its executives, including President and CEO Daniel Bradbury, worth $16.02 per share.

Amylin shares lost 51 cents, or 2.1 percent, to $23.61 in afternoon trading.

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