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Amylin May Draw Suitors After Rejecting Bristol-Myers

Amylin Pharmaceuticals Inc., maker of the diabetes drug Bydureon, may draw bids from other suitors after rejecting a $3.5 billion unsolicited takeover offer from Bristol-Myers Squibb Co. earlier this year.

Drugmakers from AstraZeneca Plc to Sanofi may be better equipped than Bristol-Myers to sell Amylin’s medicines and could make higher offers, said Joshua Schimmer of Leerink Swann. Bristol-Myers proposed an acquisition at $22 a share, which Amylin’s board turned down last month, according to two people with knowledge of the matter who declined to be identified because the approach was private.