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Biotech Amylin Pharmaceuticals is seeking a buyer, news services are reporting. In February, the company quietly rejected a $22 a share bid from Bristol-Myers Squibb. Corporate raider Carl Icahn, Amylin's third largest shareholder, sued the company, claiming that a corporate bylaw frustrates investors wanting a proxy fight. Amylin shares have risen 78% in the last year, and rose 54% on one day, March 28, when the Bristol bid was reported. Amylin has two diabetes drugs, Bydureon and Byetta.
Biotech Amylin Pharmaceuticals is seeking a buyer, news services are reporting. In February, the company quietly rejected a $22 a share bid from Bristol-Myers Squibb. Corporate raider Carl Icahn, Amylin's third largest shareholder, sued the company, claiming that a corporate bylaw frustrates investors wanting a proxy fight. Amylin shares have risen 78% in the last year, and rose 54% on one day, March 28, when the Bristol bid was reported. Amylin has two diabetes drugs, Bydureon and Byetta.