Pharmas Market with Mike Huckman

Amylin Works Without The 'Net


I'm juggling the Amylin Pharmaceuticals proxy fight, then ASCO (American Society of Clinical Oncology), then the Biogen Idec shareholder meetingand then the ADA (American Diabetes Association) meeting all within a week-and-a-half.

So, I didn't want to travel from New York to San Diego for the AMLN meeting, then back east to Orlando for ASCO, then to Cambridge for BIIB and then down to New Orleans for ADA. Something had to give and, as much as I love SoCal, I cut out the Amylin trip. Besides, I figured I could cover the shareholder meeting by simply going on the internet listening to/watching the webcast. No worries.

I was wrong.

I just found out that Amylin is not webcasting the meeting. It did one last year. But last year it wasn't fighting off two proxy dissidents like it is today with Carl Icahn and Eastbourne Capital. Amylin is going to webcast its presentation to investors at ADA, where it will be in firm control of the agenda, but it's not putting up the shareholder meeting that could be contentious.

It seems to me that when your governance and management are under attack by two of the most high-profile activist investors, engaged in a bitter battle, that you would at least want to have the appearance of being transparent and above board. Not webcasting a shareholder meeting, especially after having done it in previous years, doesn't help.

At CNBC, our goal is to report news in real time. Now, I'll be dependent on the emails from the PR folks working overtime for Amylin, Icahn and Eastbourne sending me their press releases on the voting results and/or any wire service reporters who are there.

Sure, you could argue that if I was committed to reporting the news first that I should've gone to the meeting. But I assumed there would be webcast.

And today I've been reminded what assuming does.

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