Bristol-Myers to Buy Amylin Pharmaceuticals for $5.3 Billion

Date : 06/29/2012 @ 11:36PM
Source : Dow Jones News
Stock : Amylin Pharmaceuticals, Inc. (MM) (AMLN)
Quote : 30.98  0.0 (0.00%) @ 2:05AM

Bristol-Myers to Buy Amylin Pharmaceuticals for $5.3 Billion

Bristol Myers Sqibb (NYSE:BMY)
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Bristol-Myers Squibb Co. (BMY) will buy Amylin Pharmaceuticals (AMLN) for about $5.3 billion, or $31 a share, the companies announced Friday. The transaction was unanimously approved by both boards of directors, the companies said. Including a contractual payment obligation to Eli Lilly (LLY) and Amylin's net debt, the total value of the transaction is about $7 billion, the companies said.

The deal gives Bristol-Myers a stake in the future of two diabetes drugs, Byetta and Bydureon. Once the deal is completed, Bristol-Myers and AstraZeneca (AZN.LN) will enter into a collaboration arrangement based on existing deals regarding the development of Amylin's diabetes drugs. AstraZeneca will pay $3.4 billion to Amylin, the companies said.

"Amylin's innovative diabetes portfolio, talented people and state-of-the art manufacturing facility complement our long-standing leadership in metabolics," said Lamberto Andreotti, chief executive of Bristol-Myers. "We are pleased to be able to strengthen the portfolio we have built to help patients with diabetes by building on the success Amylin has had with its GLP-1 franchise. The acquisition of Amylin by Bristol-Myers Squibb is also a unique way for Bristol-Myers Squibb and AstraZeneca to expand the alliance between the two companies, and it demonstrates Bristol-Myers Squibb's innovative and targeted approach to partnerships and business development."

Shares in Amylin Pharmaceuticals, of San Diego, closed up 0.6% on Friday at $28.20, near its 52-week high. The shares have more than doubled in value since the beginning of 2012. Bristol-Myer shares closed up 2.5% at $35.95.

Dow Jones Newswires; 212-416-2800

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