Amylin Pharmaceuticals Inc. (AMLN) has rejected an unsolicited $3.5 billion offer from Bristol-Myers Squibb Co. (BMY), made earlier this year, Bloomberg News reported Wednesday, citing two people with knowledge of the matter.

Bristol-Myers had offered $22 a share for the drug maker. Amylin's board last month turned down the proposal, Bloomberg reported. The stock closed Tuesday at $15.39.

Full story at: www.bloomberg.com/news/2012-03-28/mylin-said-to-have-spurned-3-5-billion-bristol-myers-bid.html

-Dow Jones Newswires; 212-416-2900

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