Healthcare Wrap: BMY Begins Amylin BID, Arena JOYRIDE Goes ON
Bristol-Myers Squibb (NYSE:BMY) initiates its $31 per share tender offer to purchase Amylin Pharmaceuticals (NASDAQ:AMLN), which is in effect until August 7th. Such a deal that would enlarge BMY’s portfolio of diabetes treatments.
Shares of BioMimetic Therapeutics (NASDAQ:BMTI) jump 16.1 percent following the submission of more information to the FDA concerning its Augment treatment, reporting that the bone-graft product is not inferior to autograft. In January the agency decided not to approve Augment, instead requesting the additional data. However, BioMimetic now anticipates a decision on approval in 2013 or in early 2014.
Activist investor Carl Icahn tried to sidestep a proxy fight with Forest Labs (NYSE:FRX) before initiating his second attempt to nominate directors to the company’s board. Icahn talked with CEO Howard Solomon regarding his worries about the firm’s expenses and succession plan, but it’s likely that his wishes went unattended.
Arena Pharmaceuticals (NASDAQ:ARNA) shares continue their joyride Tuesday in heavy trading. The excite over its Belviq obesity med hasn’t abated since it began in April, and SA author Efsinvestment remarks that with a Relative Strength Index of 65 percent, the stock needs a pause, but it will remain worth buying after any pullback.
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