Amylin Pharmaceuticals makes and markets two injectable diabetes drugs, Byetta and Symlin, that are approved as adjunct therapies to other diabetes treatments such as metformin and insulin. Amylin’s US-based sales force co-promotes Byetta with Eli Lilly and markets Symlin on its own. The company is working on other diabetes drugs, including a once-weekly version of Byetta, as well as treatments for obesity.

The San Antonio Fire & Police Pension Fund provides comprehensive retirement, death and disability benefits for the City of San Antonio’s approximately 5,377 police officers, fire fighters, retirees and their beneficiaries. They are an investor in Amylin.

Case description: Alleged breaches of fiduciary duty by the Board of Directors of Amylin arising from their adoption of defensive measures in two debt instruments.

Cypress acted as consultants to San Antonio Fire & Police as to customary terms of bank loans and convertible debentures and market conditions for debt issuance. Oral arguments were heard on September 30, 2009 concerning Plaintiff’s appeal of the Court’s ruling denying summary judgment.