Amylin Elects Costa Chairman

SAN DIEGO (AP) -- Biotechnology company Amylin Pharmaceuticals said Monday its board has picked Paulo F. Costa to become chairman, effective immediately.

Costa was elected to the board last May. He has served as president and CEO of Novartis U.S. Corp. and worked at Johnson & Johnson for 30 years before that.

Amylin said in June Chairman Joseph C. Cook did not make the new board. Investor Carl Icahn had repeatedly called for Cook's resignation during a monthlong proxy fight as he accused management of incompetence.

Last spring, shareholders re-elected eight of Amylin's nominees and two new nominees put forth by the company. Meanwhile, they gave Dr. Kathleen Behrens and Dr. Alexander J. Denner spots on the board, both of which were supported by Icahn and institutional investment firm Eastbourne Capital Management.

Amylin's key product is the diabetes drug Byetta, which it sells with partner Eli Lilly & Co.