Amylin Pharmaceuticals, Inc. Said to Have Spurned $3.5 Billion Bristol-Myers Squibb Company Bid

Published: Mar 28, 2012

Amylin Pharmaceuticals Inc. (AMLN), the maker of the diabetes drug Bydureon, rejected a $3.5 billion unsolicited takeover bid from Bristol-Myers Squibb Co. (BMY) earlier this year, according to two people with knowledge of the matter. Bristol-Myers proposed an acquisition at $22 a share in a letter to Amylin, which the board turned down last month, said the people, who declined to be identified because the approach was private. The price is 43 percent more than Amylin’s closing stock price of $15.39 yesterday. The $3.5 billion figure, based on 160.8 million Amylin shares outstanding, excludes debt.

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