Icahn Increases Stakes in Biotech Bets
|January 29th, 2009||
|SEC filings revealed today that Carl Icahn has increased his stakes in Amylin (AMLN) to 12.1 million shares (8.8%) and Enzon Pharmaceuticals (ENZN) to 3.5 million shares (7.8%). |
Icahn is planning to nominate a slate of five directors for Amylin’s board. In addition to Icahn's nominees, another activist Eastbourne Capital, which owns over 12% of Amylin’s shares out, is seeking to elect its own slate of five directors.
Icahn has also nominated a director who is affiliated with his hedge fund for Enzon’s board. In August 2008, Enzon’s executives had stated that they were interested in pursuing Icahn’s demand that they sell or spin-off parts of Enzon’s business. However, in December, the management team reversed course saying that current market conditions had forced them to abandon a spin-off strategy.
. Enzon has also been targeted by another shareholder activist, DellaCamera Capital Management, which currently holds a 7.5% stake in the company.
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