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)