Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Delta Airlines becomes the latest airline to experience pet transport disaster. An 8-week-old puppy was flown across the country to the wrong airports by Delta Airlines landing in Detroit, Las Vegas and Salt Lake City before finally making to Idaho. On Saturday, a breeder put Josh Schlaich's new,... Facebook stock is plunging due to self-inflicted wounds. What was once America's favorite social media site is being a accused of turning into a cesspool of misinformation and narcissism. Facebook Inc.'s security chief, Alex Stamos, plans to step down from the company amid questions over Russia's... Media company Tronc, Inc. said Monday that Michael Ferro has stepped down as chairman of its board of directors. The company named Chief Executive Justin Dearborn as chairman of the board. Tronc noted that Ferro, its largest shareholder, is retiring from the board as the company prepares to close on the $500 million sale of its flagship newspaper, the Los Angeles Times, to local ownership.
comments powered by Disqus
Follow RTT