NEW YORK (AP) — Activist investor Carl C. Icahn is dropping his lawsuit against Amylin Pharmaceuticals.
Icahn was seeking more time to nominate directors to challenge members of the Amylin board at the company’s annual meeting.
Icahn said Wednesday that he dropped the lawsuit after meeting with Amylin CEO Daniel Bradbury.
The news is sending Amylin shares higher. The stock gained 3.6 percent to $26.48 in afternoon trading.