U.S. Markets closed

Amylin climbs after report says seven companies involved in sales process

Amylin (AMLN) is surging, after Bloomberg reported that seven companies have all signed confidentiality agreements as part of Amylin's sale process, citing unnamed sources. The seven companies are Pfizer (PFE), AstraZeneca (AZN), Sanofi (SNY), Merck (MRK), Bristol-Myers (BMY), Roche (RHHBY.PK), and Takeda. First-round bids for Amylin must be received within the next two weeks, Bloomberg added. In a note to investors following the report, Leerink Swann said that Amylin should be able to sell itself for a price in the low $30s per share range. However, the firm thinks the price could reasonably reach the mid-$30s, and may increase even further if a bidding war ensues. Leerink believes that Amylin would be a strategic acquisition for any of the seven potential bidders, but it thinks Amylin is most attractive for Sanofi and Merck. The firm maintains an Outperform rating on Amylin, whose shares gained $1.28, or 4.99%, to $26.93 in early trading.