Amylin Co-Founder Backs Dissident Nominees

LOS ANGELES (Reuters) – Howard Greene, co-founder of Amylin Pharmaceuticals Inc (AMLN.O), said on Monday that he will vote for a slate of directors put forward by dissident shareholders Eastbourne Capital and Carl Icahn.

In a letter addressed to Amylin shareholders, Greene said they have suffered because sales have not reflected the commercial potential of Amylin’s diabetes and obesity platform.

“I believe management will have more freedom to think outside of the box if we replace the directors most directly involved in crafting the disappointing commercialization strategy,” he said.

Eastbourne has nominated three candidates to Amylin’s 12-member board and said it is seeking authority to vote for two of the nominees proposed by affiliates of Icahn.

Amylin, in its own letter, urged shareholders not to vote for the dissidents’ nominees.

Greene, also a former chief executive and director at Amylin, resigned from the company’s board in April following a decision not to nominate him for reelection.

Amylin said in a regulatory filing at the time that Greene disagreed with the board’s decision to limit the number of former CEOs who are directors.

(Reporting by Deena Beasley; Editing by Tim Dobbyn)