Icahn Drops Amylin Lawsuit


Financier Carl Icahn said he has voluntarily dismissed a lawsuit filed against Amylin Pharmaceuticals Inc after talking with the biotech company's Chief Executive Officer Daniel Bradbury.

Icahn, whose 8.94 percent stake has made him Amylin's third-largest shareholder, filed the suit earlier this month after the maker of diabetes drugs Byetta and Bydureon was reported to have  rejected a $3.5 billion unsolicited takeover bid from Bristol-Myers Squibb Co.

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Icahn said in a regulatory filing on Wednesday that he "continues to strongly believe that the company should be sold at this time."

The lawsuit had sought to block enforcement of a bylaw that prevented the billionaire investor from launching a proxy fight.

(Reporting By Deena Beasley; Editing by Gerald E. McCormick)