Bristol-Myers to Buy Diabetes Drug Maker Amylin for $5.3Bn

Bristol-Myers Squibb and Amylin Pharmaceuticals have announced that the global biopharmaceutical giant is set to acquire the diabetes drug maker for approximately $5.3 billion.

Bristol-Myers Squibb has announced that it is acquiring Amylin Pharmaceuticals in a deal worth approximately $5.3 billion.

Amylin specialises in drugs for diabetes and currently has two treatments on the market for the disease - Byetta and Bydureon.

Bristol-Myers Squibb will pay $31 per share in cash, with Amylin's board of directors unanimously advising stockholders to tender their shares into the forthcoming cash tender offer.

Following completion of the acquisition, Bristol-Myers Squibb and AstraZeneca will enter into a collaboration arrangement regarding the development and commercialisation of Amylin's product portfolio, with AstraZeneca paying Amylin approximately $3.4 billion in cash.