Amylin dives on secondary sale of 5 million shares pitched at $30.50-$31.00 per share

By Ronda Fears

Nashville, Aug. 29 - Amylin Pharmaceuticals Inc. extended gains from last week in regular hours Monday but the stock was off as much as 3.25% in after-hours trading on market buzz of a 5 million share secondary sale at a pretty hefty discount to the current market.

Market sources said the secondary offering was getting pitched at $30.50 to $31.00 a share versus the day's close of $32.66.

The identity of the seller was not revealed but Goldman Sachs & Co. was managing the offering, according to market sources.

Last week, Amylin reported positive trial data for a diabetes drug in development with Alkermes Inc. and Eli Lilly & Co.

Amylin, which is leading the collaboration, announced encouraging preliminary phase II data from a small study for exenatide LAR, a once-weekly formulation of the twice-daily injectable Byetta, being developed to treat type 2 diabetes.

Many analysts say the new Byetta diabetes treatment could be the next big blockbuster, and speculation again turned to Amylin as a takeover candidate from the likes of Big Pharma partner Lilly.

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