Amylin gets neutral from Merrill

Merrill Lynch analyst Tom McGahren rated Amylin Pharmaceuticals at neutral after the company Amylin revised it collaboration agreement with Eli Lilly related to ex-U.S. sales. Amylin will now receive royalties based on the gross margin for all ex-US exenatide product sales, rather than 20% of the operating profits outside the U.S. However, the company does not expect to receive any royalties until 2009. Shares of the San Diego-based biopharmaceutical company were up 52 cents, or 1.18%, at $44.67. (Nasdaq: AMLN)

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