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.