Icahn goes in for the kill at Amylin

Carl Icahn has found a new opening to push Amylin's board to sell the company. In an open letter, the feared raider lambasted the company ($AMLN) for handing out stock options at $16 a share when it was keeping quiet about Bristol-Myers Squibb's ($BMY) $22 a share bid. And he described the board as "dysfunctional." Icahn, of course, has specialized in buying into biotechs like Biogen Idec ($BIIB) and Genzyme at a time of weakness and then kicking down the doors in pursuit of a sale at a significant premium over what he paid for shares. He's also had a remarkable success rate. Amylin now gets to enjoy the full Icahn treatment, and all that that entails. Report