Thursday, March 29, 2012

Amylin shares soar on takeover speculation


Amylin Pharmaceuticals, which makes the Byetta and Bydureon diabetes drugs, rejected a $3.5 billion unsolicited takeover bid from Bristol-Myers Squibb last month, according to a report Wednesday by Bloomberg News.

Bloomberg cited two unnamed sources familiar with the matter. The takeover speculation sent Amylin’s shares skyrocketing on Wednesday. They jumped $8.38, or more than 54 percent, to $23.77 on the Nasdaq.

The Amylin takeover report surfaced as another San Diego life sciences firm, Illumina, continues to fight a $5.7 billion hostile takeover bid from Swiss drug giant Roche.

Posted via email from Jack's posterous

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