Amylin Pharmaceuticals Inc., which turned down a $22-a-share bid from Bristol-Myers Squibb Co. earlier this year, should pursue a sale process to get the best price for shareholders, investor Carl Icahn said.

“This company could fetch more than $22,” Icahn, who is San Diego-based Amylin’s third-largest stockholder with 14.4 million shares as of Dec. 31, said in a telephone interview today. “The company should go through a process and try to get the price they can for shareholders, and let the shareholders decide.”