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Amylin shares rise as it seeks buyers
April 23, 2012 / 1:30 PM / in 5 years

Amylin shares rise as it seeks buyers

(Reuters) - Shares of Amylin Pharmaceuticals Inc AMLN.O rose 12 percent in premarket trade following a Reuters report that the drug maker is seeking buyers after it spurned a $3.5 billion buyout offer from Bristol-Myers Squibb Co (BMY.N).

Amylin, which makes diabetes drugs Byetta and Bydureon, has hired Credit Suisse CSGN.VX and Goldman Sachs (GS.N) as its financial advisers and Skadden Arps as its legal adviser, sources familiar with the situation told Reuters on Sunday.

Potential buyers for Amylin could include AstraZeneca Plc (AZN.L), Merck & Co (MRK.N) and Takeda Pharmaceutical Co Ltd (4502.T), according to analysts.

Amylin has been considered a possible takeover target for some time.

Pressure on Amylin increased after news of the failed Bristol-Myers bid leaked and prompted Carl Icahn to turn his sights on the company. Icahn, whose 8.94 percent stake has made him Amylin’s third-largest shareholder, has called for a sale and sued the company, demanding the right to nominate directors.

Amylin shares were up $2.74 at $25.66 in trading before the bell on Monday. They closed at $22.92 on Friday on the Nasdaq.

Reporting by Anand Basu in Bangalore; Editing by Supriya Kurane

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