Calling Shenanigans on Amylin Pharma

NEW YORK (TheStreet) -- Strange times at Amylin Pharmaceuticals(AMLN) . The diabetes drug company announced a $200 million secondary last month, only a few weeks before management reportedly rejected an offer from Bristol-Myers Squibb(BMY) to acquire the company for $22 a share, or a 43% premium to the stock price at that time, according to Bloomberg. Amylin reportedly considered Bristol's bid as too cheap. Now, Amylin's third largest shareholder, Carl Icahn, is suing the company to force the board to initiate a formal sale process.

Meantime, Bydureon -- a once-weekly reformulation of Amylin's Byetta and the company's most important diabetes asset -- continues to flounder commercially. Bydureon is underperforming noticeably the competing launches of Novo Nordisk's(NVO) once-daily Victoza and twice-daily Byetta itself.

Perhaps most strange, unsettling (and frankly, unacceptable) Amylin CEO Dan Bradbury and the rest of his management team have said nothing publicly about Byudreon, the stock offering, Bristol's bid or Icahn's legal provocations.