Amylin plans follow-on offering of 8.5 million shares via Morgan Stanley

By Ronda Fears

Memphis, March 27 - Amylin Pharmaceuticals, Inc. announced plans Monday for a follow-on offering of 8.5 million shares of common stock off the shelf via bookrunner Morgan Stanley & Co. Inc. and joint lead manager Goldman, Sachs & Co.

Bear, Stearns & Co. Inc. and Lehman Brothers Inc. are co-managers

There is a greenshoe of 1,275,000 shares available.

San Diego-based Amylin plans to use proceeds to commercialize approved products, to fund late-stage product candidates and other pipeline candidates, to establish additional manufacturing sources - including the Ohio manufacturing facility - to increase research and development, and to fund other operating expenses, potential acquisitions and general corporate purposes.

Amylin has two diabetes products on the market - Symlin since April 2005 and Byetta since June 2005. The company shares revenue on Byetta sales in the United States with Eli Lilly & Co.; Byetta sales revenues outside the United States are split 80% to Lilly and 20% to Amylin. Amylin is working with Lilly and Alkermes, Inc. to develop a long-acting release, or LAR, version of Byetta that would reduce dosing from twice daily to once weekly.

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