Amylin Pharmaceuticals Inc. (AMLN)

[mlkrborn]

AMYLIN DROPS to$7.94:
WASHINGTON/LOS ANGELES, Nov 4 (Reuters) - Shares of Amylin Pharmaceuticals
Inc lost more than a quarter of their value on Tuesday after the biotech company
said U.S. regulators rejected data for an experimental version of its diabetes
drug Byetta.
Amylin is developing a long-acting version of the injectable drug, known
as exenatide LAR, with Alkermes Inc and Eli Lilly and Co. San Diego-based Amylin
last month agreed to supply the drug to distributor Lilly.
But the U.S. Food and Drug Administration was not convinced that versions
of the drug used in clinical trials and produced at Alkermes' manufacturing
facility were equal to versions made at Amylin's larger Ohio facility, Amylin
and Alkermes said in filings with the U.S. Securities and Exchanges Commission.
The news brings into question Amylin's target for filing a new drug
application for the extended release drug by mid-2009, and several analysts
lowered their price targets for the stock.
Bank of America analyst William Ho reduced his 12-month price target for
Amylin shares to $9 from $28 and said he does not expect the compound to reach
the market until 2011.