Amylin Shareholder Sues Over $7B Sale To Bristol-Myers

Law360, New York (July 3, 2012, 6:03 PM EDT) -- A day after announcing its $7 billion sale, California diabetes drugmaker Amylin Pharmaceuticals Inc. and its board of directors were hit with a putative shareholder class action Tuesday in Delaware that alleges the sale undervalues the company.

Named plaintiff Maxine Phillips filed the shareholder suit in Delaware Chancery Court, accusing San Diego-based Amylin and its board of breaching its fiduciary duty to shareholders by approving the company's pending $7 billion sale to rival U.S. drugmaker Bristol-Myers Squibb Inc. and U.K. pharmaceutical company AstraZeneca. Phillips claims that...
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