Carl Icahn said on Monday he has sued Amylin Pharmaceuticals Inc to obtain more time to nominate a slate of directors he hopes will push the maker of diabetes drugs to put itself up for sale. Icahn, whose 8.9 percent stake has made him the company's third-largest shareholder, has faulted Amylin for failing to acknowledge media reports that it had rejected a roughly $3.5 billion takeover bid by Bristol-Myers Squibb Co.The lawsuit was filed in Delaware, Icahn said. A copy of the complaint was not immediately available.Amylin shares were down 49 cents, or 2 percent, at $23.63, at midday.
Amylin Pharmaceuticals, Inc. (Amylin) is a biopharmaceutical company focusing on the diabetes and other metabolic diseases through the discovery, development and commercialization of medicines. Shares of AMLN fell by 2.24% or $-0.54/share to $23.58. In the past year, the shares have traded as low as $8.03 and as high as $25.84. On average, 4983050 shares of AMLN exchange hands on a given day and today's volume is recorded at 1466592.
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