Score one more for the Amylin Pharmaceuticals dissidents. Carl Icahn and Eastbourne Capital got support from another minority shareholder, P. Schoenfeld and Associates. With 2.1 million Amylin shares, Schoenfeld told Dow Jones that it's supporting all five of the dissidents' director nominees. "We would like to see the largest minority possible elected to the Amylin board," P. Schoenfeld's founder, Peter Schoenfeld, told the news service.
As you know, Icahn and Eastbourne already have the backing of three proxy advisory firms, which back anywhere from three to five of the dissidents' director nominees. And Amylin isn't sitting still; it's fighting back with almost daily pleas to shareholders, including new business plans and more.
Like Icahn and Eastbourne, Schoenfeld says Amylin has mismanaged its cash and fouled up on marketing its diabetes drug Byetta. The observers say Byetta should have greater market penetration than it does, and blame Amylin for fumbling its share of the drug promotion. In answer to these claims, Amylin recently unveiled a new, targeted sales approach that divides the doctor universe between it and partner Eli Lilly. And Amylin announced plans to shave more reps from its field force.