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Letter From Carl Icahn to Amylin Pharmaceutical, Inc.
Date:4/15/2009

urne and the Icahn group from having any constructive dialogue with each other.

Having two major stockholders both independently decide to run a proxy fight against the same board is rare -- it dramatically shows how stockholders have lost faith in the Amylin's board's ability to run the company. Additionally, it is also almost unheard of, at the same time, to have a co-founder and director of the company resign and express his displeasure with your stewardship.

How could it not be in the best interest of Amylin and its stockholders to allow a dialogue to begin among Eastbourne, the Icahn group and the company? We could immediately enter into discussions on how to end two "debilitating" proxy fights, and more importantly, how to enhance stockholder value in other ways. With all due respect, Amylin, under your stewardship, has made many grievous mistakes. For example, Amylin never should have undertaken to spend enormous amounts of money to maintain a large commercial operation in primary care diabetes sales -- an absurd commercial effort for a small biotech company. (Had we been on the board of Amylin when its deal with Lilly was consummated, we would have fought for a royalty paying arrangement with an option to co-promote Byetta -- an arrangement that could possibly have caused Amylin to have positive cash flow today.) SG&A has been made too high at Amylin in part as a result of the primary-care sales force, and in part because management and the board allowed it to happen. Amylin's SG&A is approximately 47% of sales compared with other similar biotech companies(1) whose median SG&A is approximately 22%. As directors, my nominees would seek to have Amylin renegotiate with Lilly to change their commercial agreement. In addition, we believe that the company should engage experts to advise on how to reduce the amount of money being wasted at Amylin. However, at the risk of being facetious, I wo
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SOURCE Carl Icahn
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