logo
Plus   Neg
Share
Email

Reports: Amylin Seeks Buyers

Amylin Pharmaceuticals Inc. (AMLN), which rejected a $3.5 billion unsolicited takeover offer from Bristol-Myers Squibb Co. (BMY) in late March, has reportedly hired advisers to seek a sale of the company, reports said Sunday.

Early this month, activist investor Carl Icahn had filed a lawsuit against the diabetes drug maker to put pressure on it to pursue a deal to sell the company. Icahn owns about 9 percent of Amylin's shares.

Reports sugest that Credit Suisse Group AG and Goldman Sachs Group Inc. have been hired by the maker of Bydureon and Byetta as financial advisers on a potential sale. The company is said to have begun approaching potential buyers last week.

Several drugmakers, including France's Sanofi (SNY), could be mulling an offer for Amylin. Sanofi, though is discussing a bid internally, is said to be hesitant because Byetta will directly compete with the French drugmaker's experimental treatment lixisenatide.

AMLN closed on Friday at $22.92, down $0.15 or 0.66 percent, on a volume of 3.42 million shares.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Tens of thousands of casino workers in Las Vegas voted Tuesday to authorize a city-wide strike anytime after June 1 if labor contract agreements are not reached before they expire at the end of May. This would be the first strike in more than three decades in Las Vegas and could cripple the city's famed hospitality industry. Ten former and current employees of McDonald's Corp. have filed sexual harassment complaints with the federal government against the fast food giant. The women filed the complaints with the U.S. Equal Employment Opportunity Commission or EEOC and are receiving support from Fight for $15, which is organizing the effort. The TIME's UP Legal Defense Fund is covering legal fees for the women. A bill rolling back financial regulations implemented following the 2008 financial crisis is headed to President Donald Trump's desk for his signature after being approved by the House on Tuesday. The House voted 258 to 159 in favor of the Economic Growth, Regulatory Relief, and Consumer Protection...
Follow RTT