Both Carl Icahn and Eastbourne Capital had nominated five directors to the company's 12-person board. However, the election of a majority of new directors would constitute a change of control under the company's debt agreements, resulting in a default. To prevent this possibility, Icahn and Eastbourne (although not acting as a group) received no-action relief from the Securities and Exchange Commission, allowing them to amend their proxies so that each would effectively include the same two Icahn nominees, three Eastbourne nominees and seven incumbent directors.

Also I’m keeping an eye on Amylin (AMLN). - Pete Najarian

Carl Icahn intends to commence a proxy fight to elect five directors to the company's 12-person board.

Takeover targets are wide ranging and include Biogen [BIIB], Amylin (AMLN), OSI Pharma [OSIP], and Vertex Pharma [VRTX], says Huckman.

From a recent Mad Money show: "Oh, way too speculative. No thank you. I've got biotechs of incredible quality delivering great numbers and going nowhere. How can I recommend this one?"

Carl Icahn has increased his stake to 7.33% (10.06 million shares) from 6.54%.

Another company that could spark an acquirer's interest is Amylin Pharmaceuticals (AMLN). It's working on a Type 2 diabetes drug that could be injected once a week instead of daily. Amylin has several development partners, including Eli Lilly, on the drug. It already markets two diabetes drugs, Symlin and Byetta. But some analysts say the product under development could boast major advantages. "A once-weekly drug that lowers glucose substantially, induces weight loss, isn't associated with hypoglycemia, and lacks a cardiovascular safety signal has multibillion-dollar potential," says Markowitz.

News of the Bristol-Meyers (BMY) offer to buy out ImClone (IMCL) deal triggered a flurry of option activity in Amgen (AMGN),
Onyx Pharmaceuticals (ONXX), and Amylin (AMLN) said option strategist Frederic Ruffy.

Amylin Pharmaceuticals (AMLN) downgraded at Jefferies. Rating lowered to Hold from Buy. Price target lowered to $33 from $47. 2008 EPS estimates maintained at -$2.08.

Carl Icahn said he recently had discussions with AMLN management and may seek to do so again on ideas to enhance shareholder value (for more, see Spotlight at right). Icahn believes AMLN stock is undervalued; he and his affiliates beneficially own 8.96 million shares (6.54%), including about 2.17 million underlying call options, which expire on March 10, 2010.

valuation