Buzz: Amylin brings in the bankers to spur an auction

Posted under Amylin pharmaceuticals, AstraZeneca, Blog, Bristol-Myers Squibb, Companies, Diabetes, Diagnostics, Funding, lixisenatide, M&A, Medical Devices, Medical Supply, Pharmaceuticals, Startups, Universities, Videos by john

Amylin ($AMLN) has never confirmed or denied the much repeated story that it rejected a $22 per share bid for the company by Bristol-Myers Squibb ($BMY). And today it's refusing to comment on a fresh round of reports by Bloomberg and Reuters that the company has put itself on the auction block, bringing in the investment bankers to find a buyer willing to put up sufficient cash to close a deal.

Quoting sources, Bloomberg reports that Sanofi ($SNY) may be on the short list of potential bidders. The pharma giant has been hesitating, though, because it has a GLP-1 diabetes drug--lixisenatide--which would compete with Amylin. Product-hungry AstraZeneca ($AZN), which almost immediately was linked to a possible bid by analysts, told the business news service that it's scouting the field, but wouldn't comment directly on a possible offer for Amylin. And Reuters, which initially broke the story, added Merck ($MRK) and Takeda Pharmaceutical as possible bidders in its coverage.

All of the inside news on a buyout has been through sources, since Amylin has consistently refused to discuss the matter. That hasn't stopped Carl Icahn from moving in for a fresh kill, though. Icahn has sued Amylin to push a sale, looking to get into a proxy fight over a merger deal. Now Credit Suisse Group AG and Goldman Sachs Group can start moving behind the scenes to see if they can get a deal going that Amylin would like to talk about.

Amylin's shares had been suffering until BMS stepped up to make the rumored offer, starting a rally that has pushed the price past the $22 mark. Amylin is likely to be after the $31 or $32 price that Jefferies and BMO Capital Markets believe it's worth.

- here's the story from Reuters
- read the Bloomberg report

Related Articles:
Icahn sues Amylin in hopes a proxy fight will trigger sale
Bristol stays in hunt for Amylin
Sanofi adds to growing cache of positive PhIII lixisenatide data

Sanofi adds to growing cache of positive PhIII lixisenatide data

Posted under Blog, Companies, Diagnostics, Funding, lixisenatide, Medical Devices, Medical Supply, Pharmaceuticals, Sanofi, Startups, Universities, Videos by John Carroll

Sanofi ($SNY) is adding another fresh set of positive late-stage data for its diabetes drug hopeful lixisenatide, which has been submitted for approval in Europe and is headed to FDA regulators in 2012. Investigators say the treatment, a GLP-1 treatment added to insulin, "safely improved HbA1c with beneficial effects on both post-prandial glucose and body weight."

Sanofi has now released results from nine late-stage programs for the drug, which will be sold as Lyxumia. More than 4,500 patients were recruited for the studies. Provided Sanofi goes on to win extensive approvals, analysts have pegged peak sales at anywhere from $500 million to $900 million. And that would be an important win for Sanofi, which needs to show investors that it can conquer new markets.

"These positive results show that once-daily lixisenatide in combination with Lantus could be an innovative therapeutic option for the treatment of uncontrolled Type 2 diabetes," Pierre Chancel, senior vice-president of Sanofi Diabetes, said in a statement on Tuesday.

This year, Sanofi tapped lixisenatide as one of its most promising late-stage programs. Investigators have turned in several upbeat study results over the course of the year. The pharma giant licensed the treatment from Zealand Pharma.

- check out Sanofi's release
- here's the story from Reuters

Related Articles: 
Sanofi lines up a growing slate of late-stage drug prospects
Sanofi touts promising Ph3 results for blockbuster diabetes program
Sanofi's lixisenatide aces Phase III
Sanofi GLP-1 diabetes drug edges Byetta in Phase III study