Amylin Pharmaceuticals Inc. (AMLN)

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Amilyn Soars on News of Spurned Bristol-Myers Bid

March 28, 2012, 10:01 A.M. ET


By Avi Salzman

Amilyn (AMLN) jumped 41% in early trading after a Bloomberg report said the drugmaker had rejected a $3.5 billion offer from Bristol-Myers Squibb (BMY) earlier this year. BMY proposed the deal in a letter to Amilyn, which makes diabetes drug Bydureon, but the board rejected it last month. It would have been worth $22 a share, which is 43% higher than Tuesday’s closing price, two sources told Bloomberg. Spokespeople for the companies declined to comment.

Bristol-Myers has relied on an acquisition strategy as some of its top drugs have lost patent protection.


Amylin Pharma AMLN Canaccord Genuity Sell $12(this anal-list looks like a monkey)