Android app on Google Play

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

April 23, 2012 7:53 AM EDT Send to a Friend
Get Alerts AMLN Hot Sheet
Trade AMLN Now!
Join SI Premium – FREE
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.




You May Also Be Interested In


Related Categories

Insiders' Blog, Mergers and Acquisitions

Related Entities

Carl Icahn, Credit Suisse

Add Your Comment