Amylin Pharmaceuticals (AMLN) has always been a feast-or-famine sort of stock, as the company has long experience in surmounting the difficulties of dealing with the FDA (Symlin and Bydureon, most notably), competition, and its own now-former partner Lilly (LLY). Although recent prescription data on Bydureon has been disappointing, Wednesday's news from Bloomberg that a Big Pharma buyer had approached Amylin earlier this year had the stock rocketing in response.
Enter The First Rumored Bidder
Bloomberg reported Wednesday morning that unnamed sources claimed that Bristol-Myers Squibb (BMY) approached Amylin's board with a $22 takeout offer, which Amylin's board rejected last week. According to the report, there has been no follow-up from Bristol-Myers and Amylin remains focused on securing a marketing partner for Bydureon in Europe.
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The Rumor Behind Amylin's Spike Makes Sense
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