Tallahassee, FL 3/28/12 (StreetBeat) -- Shares of Amylin Pharmaceuticals Inc (Nasdaq: AMLN) rose as much as 51 percent on Wednesday after Bloomberg News reported the company rejected a $3.5 billion unsolicited takeover bid from Bristol-Myers Squibb Co (NYSE: BMY).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.
Bloomberg said Bristol-Myers hasn't approached Amylin since the rejection.
Amylin's shares rose 41 percent to $21.65 in hectic early trading on Nasdaq. Earlier in the session they rose to a year-high $23.26.
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