Bristol-Myers Squibb buys Amylin for $5.3 billion
NEW YORK — Bristol-Myers Squibb is acquiring Amylin Pharmaceuticals, the drug maker said Friday.
Bristol announced that it would acquire Amylin for $5.3 billion, or $31 per share. The total value of the acquisition is about $7 billion, including $1.7 billion in Amylin's contractual payment and debt obligations.
"Amylin's innovative diabetes portfolio, talented people and state-of-the-art manufacturing facility complement our long-standing leadership in metabolic," Bristol CEO Lamberto Andreotti said. "We are pleased to be strengthen the portfolio we have built to help patients with diabetes by building on the success Amylin has had with its GLP-1 franchise." GLP-1 agonists are a class of drugs used to treat Type 2 diabetes.
The New York-based drug maker also said that it would expand a diabetes drug development deal with AstraZeneca that the companies entered in 2007. AstraZeneca will pay $3.4 billion to Amylin once the acquisition deal is complete. Together with former partner Eli Lilly, Amylin developed the Type 2 diabetes drugs Byetta (exenatide) and its long-acting form, Bydureon.