Billionaire activist investor Carl Icahn has once again raised his stake in San Diego-based Amylin Pharmaceuticals.
Shares of Amylin, traded under the symbol AMLN on the Nasdaq, rose 6 percent to close at $13.16 Feb. 5.
Icahn boosted his stake from 8.3 percent to 9.43 percent in outstanding stock.
Icahn’s most recent move, coupled with his intent to nominate five new board members at an annual company meeting, has some analysts speculating whether he will try to push for a sale of the company to partner Eli Lilly and Co.
Amylin co-markets its diabetes drug Byetta with Lilly and Alkermes. The company’s stock has suffered ever since the FDA announced in August that a few patients taking Byetta had suffered pancreatitis and died. Since then, its stock has dropped about 60 percent.
The company is currently seeking FDA approval for a once-weekly version of the drug, known as LAR. It faces competition from Januvia, made by Merck and Co., Bristol-Myers Squibb Co. and AstraZeneca’s upcoming treatment, to be called Onglyza, and Novo Nordisk’s planned drug, Victoza.
, Heather Chambers