It looks as though dissident shareholders Eastbourne Capital Management and billionaire investor Carl Icahn have managed to get two seats on the board of Amylin Pharmaceuticals as a proxy battle for control of the firm draws to a close.

Amylin says that, based on a preliminary vote count following its annual stockholder meeting, “at least 10” of the company’s nominees, have been elected and “no more than two of the five dissident nominees” will be on the new board. Additionally, it noted that Mr Icahn’s proposal to reincorporate the company from Delaware to North Dakota has been defeated.

The company said that “we appreciate the consideration and support of our shareholders, as well as the valuable insights offered to our board and management team over the past several months”. It added that the outcome of the vote “affirms that shareholders have confidence in the company’s plan to build value in 2009 and beyond”.

Eastbourne also seemed pleased and its founder Richard Barry said that “we want to thank Amylin shareholders for supporting us in effecting change” to the board “and sending a strong message that the past results are not acceptable". He added that “we look forward to working constructively with the new board”.

The result would appear to bring to an end, at least for the timebeing, a power struggle between the company and the dissidents who have criticised Amylin bosses, claiming that they mishandled the promotion of its blockbuster diabetes drug Byetta (exenatide) which is co-marketed with Eli Lilly.