Block & Leviton LLP Investigates Amylin Pharmaceuticals, Inc. for Possible Breaches of Fiduciary Duties in Connection with Its Proposed Merger with Bristol-Myers Squibb Company

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 [email protected].

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.

This may constitute attorney advertising.

SOURCE Block & Leviton LLP

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