Amylin rejects $3.5bn Bristol offer

Shares of Amylin Pharmaceuticals surged 46 per cent higher yesterday following reports the company had rejected a $3.5bn (£2.2bn) unsolicited takeover bid from Bristol-Myers Squibb. Bristol-Myers proposed an acquisition at $22-a-share in a letter to Amylin, which the board turned down last month, according to Bloomberg, which cited two people with knowledge of the matter. Spokeswomen for Bristol-Myers and Amylin said they "do not comment on market rumors or speculation."