In the first weeks after its launch, Bydureon uptake appears to be better than expected, helping its maker, Amylin Pharmaceuticals Inc. regain momentum in the Type 2 diabetes market. The glucagon-like peptide 1 is a once-weekly formulation of Amylin’s ground-breaking drug, Byetta, which opened up a new class of diabetes drugs, but has been losing market share to competitor Novo Nordisk AS’s Victoza (liraglutide), since February 2010.
The Bydureon launch has exceeded expectations so well that Amylin has become the fodder for takeover speculation, causing its valuation to rise sharply. A March 28 Bloomberg News report that Amylin recently rejected a $22-per-share buyout offer from Bristol-Myers Squibb Co. prompted Amylin’s share price to rise $8.38, or 54.5%, to $23
