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Another of Amylin Pharmaceuticals’ largest shareholders is advocating for a shakeup of the company’s board, the latest indicator that the San Diego company’s current board will not survive the annual meeting of shareholders next week.

Dow Jones is reporting that P. Schoenfeld and Associates, which owned 2.1 million Amylin shares as of the end of the first quarter, will back the five nominees to the board put up by Carl Icahn and Eastbourne Capital Management. Icahn and Eastbourne, who together own nearly a quarter of the shares in the company, have been embroiled in a proxy battle with the board since January.

Earlier this week reports surfaced that several proxy advisors, which are firms that specialize in dealing with proxy battles between companies and shareholders, are supporting Icahn and Eastbourne. And last week Last week, Amylin co-founder Howard “Ted” Greene, Jr. weighed in, saying “there needs to be a fresh wind blowing through the boardroom.”

It is highly likely that the current board will be history by the end of next week.

DAVID WASHBURN

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