4. Amylin's Embarrassment
TheStreet's Adam Feuerstein unearthed some real underhanded dealings over at Amylin Pharmaceuticals (AMLN) on Monday. So in case you missed it, here are the despicable, dastardly and oh-so-dumb details.
Amylin sneakily concealed a study from the U.S. Food and Drug Administration that raised heart safety concerns about its diabetes drug Byetta and then blocked FDA access to the data when the agency discovered its existence, according to recently released FDA records.And that's not all, says Adam. Soon after Amylin executives flat-out fibbed to investors by failing to disclose that this hidden Byetta heart-safety study played a key role in the FDA rejecting the company's follow-on diabetes drug Bydureon. Dudes, that is so dishonest it's disgusting! And what's more is that you did it while trying to unload yourselves to a Big Pharma buyer -- other than Bristol-Myers Squibb (BMY), of course, whose $22 bid you rejected as too low. Well let's see what kind of premium you big shots command now that the FDA has soured on you. "Our interactions with regulatory agencies have been, and will continue to be, forthright and timely. Throughout the Bydureon review process, Amylin responded appropriately to requests for additional data," said company spokeswoman Alice Izzo Friday in response to questions about the FDA memo. "Forthright"? Sorry Alice, we saw the report and that's just wrong. And even worse was CEO Dan Bradbury's performance on a conference call in November 2010, a mere two weeks after the FDA rejected Bydureon. "We do try very hard to be as transparent as possible with everybody about what we know about the business," said Bradbury to an unknowing analyst at the time. Sorry Dan, but the evidence shows that you weren't transparent in the least back then. And as for right now, well, it's become crystal clear that we can see right through you.