Amylin jumps on word of offer from Bristol-Myers |
| CNBC.com - Mar 28, 2012 |
Shares of Amylin Pharmaceuticals Inc. jumped Wednesday on a report the diabetes drugmaker recently turned down a buyout offer from Bristol-Myers Squibb Co. worth $3.5 billion.
Bloomberg reported that Bristol-Myers proposed to buy Amylin for $22 per share. It said there have been no talks between the companies since the initial offer earlier this year. Bristol-Myers Squibb and Amylin declined to comment on the story, which cited anonymous sources.
Amylin shares jumped $7.21, or 47 percent, to $22.60 in morning trading. Earlier the shares peaked at $23.50, their highest price since April 2010. The previous 52-week high for shares was $18.43.
In February Bristol-Myers bought hepatitis C drugmaker Inhibitex for $2.5 billion. The New York company's biggest sellers include the oral diabetes treatment Onglyza, and the psychiatric drug Abilify. Bristol-Myers markets blood thinner Plavix through a partnership with French drugmaker Sanofi, and while Plavix is the second-best selling drug in the world, it will lose U.S. patent protection in May. Its 2011 revenue amounted to $21.24 billion, compared with Amylin's revenue of $650.7 million.
Read Full Article from CNBC.com
- Posted: 2012-03-28 10:48:49
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