RETRANSMIT - S&P MAINTAINS HOLD OPINION ON SHARES OF AMYLIN PHARMACEUTICALS
European Commission approves twice-daily dosed Byetta as adjunctive therapy to basal insulin for type 2 diabetes. We are wary of near-term ex-U.S. growth prospects, as AMLN seeks a new partnership for that region. Updating our model after a recent 13M share secondary offering that yielded $200M cash, we are narrowing our '12 view by $0.13 to $1.48 loss, and '13's by $0.17 to a $1.32 loss. We expect the shares to remain volatile as AMLN launches weekly-dosed Bydureon in U.S. amid significant competition, following January approval. We keep our NPV-based target price at $16.