Icahn Sues Amylin Pharmaceuticals Over Board Election

Amylin Pharmaceuticals Inc. was sued by billionaire investor Carl Icahn over a corporate bylaw that hamstrings investors from pursuing a proxy fight over a rejected a $22-per-share takeover offer by Bristol-Myers Squibb Co.

Icahn contends that Amylin’s directors should be barred from enforcing a rule requiring advance notice of candidates for board seats since the drugmaker failed to make Bristol-Myers’s bid public before the filing deadline. Amylin officials turned down the $3.5 billion offer in February, two people familiar with the bid told Bloomberg News on March 28. The company has never confirmed the offer.