By now you all know that Amylin is rumored to be in play after word was leaked that the company recently turned down a $3.5 B offer from BMS to be acquired. Once word hit the market, Amylin's stock price shot up by 55% yesterday to $23.77 per share.
Now various analysts are weighing in on how an acquisition of Amylin by a member of big pharma makes ultimate sense. It is acknowledged that the BMS offer starts the floor price for bidding and a final sales price would make sense in the $25-$30 per share range (most folks tending toward low end of the range). Companies mentioned as potential suitors include AstraZeneca, Roche, Novartis, Takeda, Johnson & Johnson, and Sanofi to at least consider a bid.
AstraZeneca has also been mentioned as a possible partner who could sign up to help Amylin represent its product in the EU. If that were to occur, Amylin may not have to or choose to sell under those circumstances. See Seeking Alpha stories one and two, and Fierce Biotech.
Given the revenue gaps being experienced by some of the companies above and their strength in selling to the diabetes market, odds seems to be good that one of these companies may make a higher offer. Since, Amylin stock was at $15+ per share only a few days ago, it will be hard for their board to justifying a rejection of another offer in the mid-20's.
Posted by Bruce Lehr Mar 29th 2012.