Amylin Pharmaceuticals, which recently was rumoured to have rejected a hostile bid from Bristol-Myers Squibb, is looking at a possible sale and has signed up Credit Suisse and Goldman Sachs to sound out potential buyers.
That is the claim from Reuters which cites unnamed sources familiar with the situation. The news agency also states that Skadden Arps has been taken on as legal adviser.
Amylin has been in the spotlight since stories emerged last month that the company has recently turned down a $3.50 billion, or $22 per share, unsolicited takeover offer from B-MS. This was then followed by criticism from billionaire investor Carl Icahn, who holds an 8.9% stake, for not confirming or denying the B-MS reports.
Earlier this month, Mr Icahn, who very much favours a sale, launched a lawsuit against the board at Amylin regarding the possibility of nominating a new slate of directors. The management of the firm, which is in the process of ending its long-time collaboration with Eli Lilly for the big-selling diabetes drug Byetta (exenatide) and its once-weekly successor Bydureon, dismissed Mr Icahn's claims as without merit.
Amylin has previously said it is looking to work with "one or more partners" outside the USA to sell Bydureon and while the Reuters sources said such talks are still going on, a sale is looking more likely. Aside from B-MS, pretty much any drugmaker with diabetes products, notably AstraZeneca, Merck & Co, Takeda Pharmaceutical Co, Sanofi and Novo Nordisk, has been touted as possible buyers.
Pricewise, most analysts believe that B-MS' supposed $22 bid was on the low side and that $30-$32 per share is a more realistic offer.