(RTTNews) - Tuesday, activist investor Carl Icahn criticized Amylin Pharmaceuticals, Inc. (AMLN: News )'s management for misstating conversations and suggesting that he is pushing for an immediate sale of Amylin to Eli Lilly.

In a letter to Joseph Cook, Jr., chairman of the board and James Wilson, lead independent director of Amylin Pharmaceuticals, Icahn said that he did not say that Amylin should be sold 'promptly'.

He also accused them of mischaracterizing what was said during discussions and urged Amylin management to keep a promise to meet with Icahn and Eastbourne Capital Management, L.L.C.

Icahn seeks to elect five of his handpicked nominees to the Amylin's board, pursuant to Eastbourne Capital Management LLC's similar proxy filing supporting the nomination of five of its nominees to Amylin Board.

Earlier, on Monday, Amylin said Carl Icahn plans to push for a sale of the company to drug maker Eli Lily & Co (LLY: News ) if he can take control of Amylin's Board.

"I absolutely did not say that Amylin should be sold "promptly", Icahn said in his letter terming it as one of "the many misstatements you have made concerning our weekend of discussions."

It is a complete misstatement on Amylin's part to suggest that he wished to sell Amylin to Lilly at current prices. "Quite to the contrary! No one has ever accused me of selling cheaply." Icahn noted.

Icahn said that one of the things to be accomplished at Amylin would be to renegotiate the partnership agreements with Lilly. The agreement with Lilly contained one of the strongest standstills, which prevents Lilly from offering to acquire Amylin.
Lilly and Amylin share the diabetes drug Byetta in a 50-50 partnership.

In his letter, Icahn said during the conversation he pointed out that Big Pharma companies were paying huge premiums for biotech and, Lilly had stated publicly that it was looking for more acquisitions.

Icahn said that he mentioned that they were afraid that Lilly might offer to pay a huge premium for Amylin if they were released from their standstill and the standstill "was simply another device along with the poison pills and poison puts to entrench yourselves."

Icahn said he had questioned as to why shouldn't other stockholders have the opportunity to decide for themselves whether or not to sell, for example, if a bid were made above $30 per share.

Icahn said he negotiated and sold ImClone at $70 per share, after urging ImClone turn down an unsolicited bid in the high $30's and even the Bristol $60 and $62 bids.

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