Billionaire investor Carl Icahn wants to engineer a prompt sale of biotechnology company Amylin Pharmaceuticals Inc to its diabetes drug partner, Eli Lilly and Co, Amylin said on Monday.
In a letter to Icahn made public in a filing with the Securities and Exchange Commission, Amylin's lead independent director, James Wilson, said Amylin believes a sale right now would "dramatically undervalue" the company.
Icahn is one of two shareholders who have launched proxy battles aimed at shaking up the company's board. The other is Eastbourne Capital Management.
"You informed us that you intend to leverage your relationship with our partner Lilly to promptly attempt to sell Amylin to Lilly," Wilson said in his letter. "We believe that your desire to sell Amylin is inconsistent with what you have said previously and we continue to believe that this is not the time to consider such an action."
Icahn said in a brief statement that Wilson's letter "completely misstated and mischaracterized" conversations that took place over the weekend with Wilson and Joseph Cook, Amylin's chairman. He said he will release further details of the conversations shortly.
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