Bristol-Myers Squibb, AstraZeneca expand diabetes deal
PRINCETON, N.J. — AstraZeneca paid $3.2 billion to Amylin Pharmaceuticals Thursday following the latter's acquisition by Bristol-Myers Squibb, AstraZeneca and Bristol said.
The payment was made as part of the expansion of a deal between the drug manufacturers made in 2007 to develop diabetes drugs. Bristol announced Wednesday that it had completed its acquisition of Amylin, making the San Diego-based drug maker a wholly owned subsidiary.
AstraZeneca also said that pending regulatory approval, it would exercise certain rights over Amylin's portfolio that it was granted as part of the deal with Bristol, paying Bristol $135 million once it is cleared to do so.