Billionaire activist investor Carl Icahn is set to take a beating on his large stake in Amylin Pharmaceuticals (AMLN, Financial). Amylin shares fell 25 percent to $11.20 in early Nasdaq Stock Market trading after the companies diabetes drug Bydureon was found to be ineffective. A recent study found that Bydureon didn’t control diabetes disease better than the existing drug, Novo Nordisk A/S’ Victoza.
Icahn Capital Management LP recently added to his holdings in AMLN in the fourth quarter of 2010. His holdings were 14,381,925 shares as of 12/31/2010 and he owns almost 10% of the company. AMLN makes up 5.39% of Icahn’s total portfolio.
In June 2009, Icahn ousted the Chairman of AMLN, Joseph C. Cook Jr. Icahn also gained two board seats at that time. Icahn complained that the Chairman Cook had been “the chairman and/or C.E.O. during the time that an enormous amount of stockholder value has been destroyed.”
Icahn has stated that he expected that Eli Lilly (LLY, Financial) would be a potential suitor for AMLN as they jointly developed and launched Byetta, approved by the FDA in April 2005 as adjunctive therapy to improve blood-sugar control in patients with type 2 diabetes. The two companies were also working together to develop Bydureon.
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Icahn Capital Management LP recently added to his holdings in AMLN in the fourth quarter of 2010. His holdings were 14,381,925 shares as of 12/31/2010 and he owns almost 10% of the company. AMLN makes up 5.39% of Icahn’s total portfolio.
In June 2009, Icahn ousted the Chairman of AMLN, Joseph C. Cook Jr. Icahn also gained two board seats at that time. Icahn complained that the Chairman Cook had been “the chairman and/or C.E.O. during the time that an enormous amount of stockholder value has been destroyed.”
Icahn has stated that he expected that Eli Lilly (LLY, Financial) would be a potential suitor for AMLN as they jointly developed and launched Byetta, approved by the FDA in April 2005 as adjunctive therapy to improve blood-sugar control in patients with type 2 diabetes. The two companies were also working together to develop Bydureon.
Read more hedge fund news at http://fundmanagernews.com/
