Let's face it: When it comes to new drug approvals, projected blockbuster revenue is one of the sexiest aspects of the story. So when Biogen Idec's new Tecfidera was approved for multiple sclerosis, the main competition was seen in bidding up what the drug is likely to bring in for the Boston-based biotech. And the numbers soared to full mega-blockbuster status.
In one of the worst kept secrets in the industry, Sanofi has been in the scrum of potential buyers forming around Amylin in recent weeks.
After Amylin reportedly declined BMS' recent buyout offer, Bristol isn't giving up on its plans to gobble up the diabetes drugmaker, The Wall Street Journal reported.
The instant the news hit that Amylin had rebuffed a $3.5 billion buyout offer from Bristol-Myers Squibb, analysts began to speculate that AstraZeneca might like to step in.
Now that Amylin has rejected a $3.5 billion offer from Bristol-Myers, what is its next step?
Shares of Amylin Pharmaceuticals ($AMLN) rocketed up more than 40% this morning, fueled by a report that the Bydureon developer had turned down a $22 per share buyout offer from Bristol-Myers Squibb ($BMY).
After being rejected twice by regulatory officials, Amylin has finally won FDA approval to sell Bydureon, its once-weekly diabetes jab. The news sent Amylin's shares up 16% while Alkermes ($ALKS),
The decade-long union of Amylin ($AMLN) and Eli Lilly ($LLY) on the diabetes front ended in a blockbuster breakup today, with Amylin agreeing to pay Lilly $250 million upfront and up to $1.2 billion
Armed with a new batch of supporting safety data, Amylin says it will resubmit its long-delayed Bydureon--a follow-up, once-weekly version to the blockbuster Byetta--by next week. The FDA