AMLN Amylin Pharmaceuticals, Inc. (MM)

BOSTON, July 10, 2012 /PRNewswire/ -- Block & Leviton LLP, a Boston-based law firm representing investors nationwide, is investigating possible breaches of fiduciary duties by the Board of Directors of Amylin Pharmaceuticals, Inc. ("Amylin" or the "Company") (NASDAQ: AMLN) concerning its announced merger with Bristol-Myers Squibb Company ("Bristol-Myers") (NYSE: BMY). 

Under the terms of the merger, Bristol-Myers will acquire Amylin for $31.00 per share in cash, which is a paltry premium of approximately 9% over the Company's share price on June 29, 2012, the day before the merger was announced.  However, as one reporter noted:  "What is interesting is a side deal [between Amylin and AstraZeneca] that lowers this merger price for Bristol-Myers Squibb considerably."  For example, "If you do not include the debt and partner payments [from AstraZeneca], it almost sounds like Bristol-Myers Squibb is getting to buy Amylin for less than $1.8 billion.  If you include the debt and obligations, then Bristol-Myers Squibb is getting the company for just under $3.5 billion."

Block & Leviton's investigation seeks to determine, among other things, whether Amylin's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed merger with Bristol-Myers.  For example, the high target price by analysts for Amylin common stock is $32.00 per share.      

If you have any information relevant to this investigation, or have questions about your legal rights, please contact Jason M. Leviton of Block & Leviton LLP at (617) 398-5620 or email him at Jason@blockesq.com.

Block & Leviton is a Boston-based law firm representing investors for violations of securities laws.  The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.

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SOURCE Block & Leviton LLP