AstraZeneca PLC, Bristol-Myers Squibb Co Submits Initial Bids For Amylin Pharmaceuticals Inc

Reuters reported that AstraZeneca PLC and Bristol-Myers Squibb Co are among several pharmaceutical companies that have submitted initial bids for Amylin Pharmaceuticals Inc the diabetes drugmaker that is exploring a sale. Other companies that also made initial bids for Amylin last week include Merck & Co and Sanofi. Amylin put itself up for sale after spurning a $3.5 billion takeover bid from Bristol earlier this year, under pressure from activist investor Carl Icahn. It is expected to seek second round bids in the next several weeks. All the parties made bids of at least $25 a share, valuing Amylin at more than $4 billion. It was not clear whether any other drugmakers in addition to the four companies also submitted bids. Shares of Amylin are trading at about $26 on Nasdaq, valuing the Company at more than $4.2 billion. Representatives for Amylin, Bristol-Myers, AstraZeneca, Merck and Sanofi all declined to comment. Amylin started reaching out to potential buyers in April after hiring Credit Suisse and Goldman Sachs as its financial advisers and Skadden Arps as its legal adviser.