n "> (Reuters) - Financier Carl Icahn said that he voluntarily dismissed a lawsuit filed against Amylin Pharmaceuticals Inc. (AMLN.)"(O) after speaking with the Chief Executive of the biotechnology company, Daniel Bradbury, sending the shares of Amylin more than 2%.
Icahn, whose 8.94% of the capital made a third shareholder of Amylin, filed the suit this month after that the manufacturer of the Diabetes Drug Byetta and Bydureon reported having rejected a purchase offer unsolicited 3.5 billion $ of Bristol-Myers Squibb Co. (BMY.)(N).
Sources told Reuters that Amylin has begun to reach potential buyers last week and has hired the Credit Switzerland and Goldman Sachs as its financial advisers and Skadden Arps as its legal counsel.
Icahn said in a regulatory filing Wednesday that it "continues to believe strongly that the company should be sold at this time."
Analysts have said that several pharmaceutical companies could be potential buyers of Amylin, including AstraZeneca Plc (AZN.)(L), Merck & Co (MRK.)(N) and Takeda Pharmaceutical Co. Ltd. (4502.T).
Amylin said that she welcomed that the prosecution had been withdrawn. "Board of Directors of Amylin is fully aware of its fiduciary obligations and undertakes to always act in the best interests of shareholders", the company said in a release.
"The Commission continuously considers that all of the options available and is continually focused on the creation of value for our shareholders."
The Crown sought to block the application of a law which prevented the billionaire investor launches a proxy battle.
Amylin shares rose as high as $26.87, before the negotiation up to 60 cents to $26.15 on the Nasdaq.
(Reported by Deena Beasley;) (Editing by Gerald e. McCormick, Leslie Gevirtz and Richard Chang)
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