UPDATE 1-Amylin says no agreement reached in proxy fight

LOS ANGELES, April 22 (Reuters) - Amylin Pharmaceuticals Inc AMLN.O>, along with representatives of dissident shareholders Eastbourne Capital and Carl Icahn, said they held a conference call on Wednesday to discuss options to settle a proxy fight, but no agreement was reached.

No further comment was made in the brief statements provided by the parties on Wednesday.

Both Icahn and Eastbourne have launched proxy battles aimed at shaking up the company's board, putting up their own slates of director candidates for shareholder consideration.

Amylin said earlier this week that billionaire investor Icahn wants to engineer a sale of the biotechnology company to its diabetes drug partner, Eli Lilly and Co (LLY.N).

Amylin said in a letter to Icahn made public in a filing with the Securities and Exchange Commission that Amylin's lead independent director, James Wilson, said Amylin believes a sale right now would "dramatically undervalue" the company.

Icahn responded that he would not recommend selling Amylin unless the price was at least $30 per share.

Amylin's shares rose 1.8 percent on Wednesday to close at $10.99 on Nasdaq.

Icahn's run at Amylin bears similarities to his strategy at ImClone Systems. After a bitter tussle, Icahn overthrew the board, turned the biotechnology company around, and sold it to Lilly last year for $6.5 billion.

Amylin and Lilly make the diabetes drug Byetta in a 50-50 partnership. Amylin's shares have dropped some 70 percent over the past eight months amid concern Byetta, Amylin's most important product, may increase the risk of pancreatitis -- an inflammation of the pancreas that can be deadly.