Amylin (AMLN) Shares Pop on New M&A Chatter (BMY) (AZN)

April 23, 2012 7:53 AM EDT
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Shares of Amylin Pharmaceuticals (Nasdaq: AMLN) are over 10 percent higher Monday morning on further M&A chatter.

In February, Amylin ripped following news Bristol-Myers Squibb (NYSE: BMY) was looking to acquire the pharma in a $22 per share deal. Amylin rejected the offer in late March, but got a little pickup in April when reports surfaced that Bristol-Myers might still be interested in a deal.

The NY Times Monday is reporting Amylin is still in talks for a potential deal. Advisors hired include Credit Suisse, Goldman Sachs, and law firm Skadden, Arps, Slate, Meagher & Flom.

Amylin's key prospects include Type 2 diabetes drugs Bydureon and Byetta. In addition, activist investor Carl Icahn is "encouraging" Amylin to get acquired, else he might force the move in a proxy battle.

Reuters sees a potential buyer in AstraZeneca (NYSE: AZN), which just this morning announced its intention to acquire Ardea Biosciences (Nasdaq: RDEA) in a $1.26 billion deal. Astra is said to be looking at non-organic growth avenues to bolster its diabetes drugs following upcoming patent expiration.

Ahead of the bell, Amylin shares are about 11 percent better.

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