Amylin (AMLN) Bidding Intensifies; Sale Expected in July
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Amylin Pharmaceuticals (Nasdaq: AMLN) shares are popping early Tuesday morning, following reports of more M&A chatter for the multi-billion dollar biopharma.
According to Bloomberg, second-round bids for Amylin have drawn a value of $25 to $29 per share.
First-round proposals were made by AstraZeneca (NYSE: AZN), Sanofi (NYSE: SNY), Merck (NYSE: MRK), and Bristol-Myers (NYSE: BMY). Pfizer (NYSE: PFE) is said to have dropped out of the bidding process.
In March, Amylin rejected a $22 billion bid from Bristol-Myers.
Top-end bids would value Amylin at $4.7 billion. Final submissions are expected to be made by the end of June with a sale likely to take place in July.
Bidders are currently receiving presentations from senior-level executives as well as correspondence Amylin has had with the FDA.
Shares of Amylin are up over 4 percent in early trading. Shares closing at $26.63 Monday mean bids could reach an additional 8.8 percent premium.
According to Bloomberg, second-round bids for Amylin have drawn a value of $25 to $29 per share.
First-round proposals were made by AstraZeneca (NYSE: AZN), Sanofi (NYSE: SNY), Merck (NYSE: MRK), and Bristol-Myers (NYSE: BMY). Pfizer (NYSE: PFE) is said to have dropped out of the bidding process.
In March, Amylin rejected a $22 billion bid from Bristol-Myers.
Top-end bids would value Amylin at $4.7 billion. Final submissions are expected to be made by the end of June with a sale likely to take place in July.
Bidders are currently receiving presentations from senior-level executives as well as correspondence Amylin has had with the FDA.
Shares of Amylin are up over 4 percent in early trading. Shares closing at $26.63 Monday mean bids could reach an additional 8.8 percent premium.
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