04 Jun 2012, BioSpectrum Bureau , BioSpectrum
Singapore: Diabetes company Amylin, which steered away a $3.5 billion takeover bid from Bristol-Myers Squibb (BMS) earlier this year, is expected to enter into a second round of bidding in the upcomming weeks. Amylin, whose shares are presently trading at $26.73 on Nasdaq, has been valued close to $4.3 billion.
The firms that are leading in the race for the take-over bid include, BMS, AstraZeneca, Merck and Sanofi. However, it is not yet clear if any other drugmakers in addition to the four companies also submitted bids. It was previously reported in Reuters that Amylin started reaching out to potential buyers in the month of April, afetr it appointed Credit Suisse and Goldman Sachs as its financial advisers and Skadden Arps as its legal adviser.
Big pharmaceutical companies have been making aggressive bids for promising biotech firms since they are desperately seeking to replenish their product pipelines. Amylin has been considered a possible takeover target for a long time as it is one-of-the-major specialists in the diabetes domain and since diabetes is one-of-the-fastest growing diseases due to rising rates of obesity.