Bristol-Myers to buy diabetes drug maker for $5B

(AP) — Drug maker Bristol-Myers Squibb Co. says it agreed to buy diabetes drug maker Amylin Pharmaceuticals for about $5 billion in cash.

Bristol-Myers says it will pay $31 per share for Amylin in a cash tender offer.

Including Amylin's debt and a contractual payment obligation to Eli Lilly & Co., the deal is worth about $7 billion.

The deal was announced Friday. After it is complete, Bristol-Myers will enter into an alliance with drug maker AstraZeneca to develop and commercialize Amylin's portfolio of drugs. AstraZeneca will pay Bristol-Myers $3.4 billion in , and both companies will share profits and losses.

Bristol-Myers says the deal will hurt earnings in 2012 and 2013 by 3 cents per .

not rated yet
add to favorites email to friend print save as pdf

Related Stories

FDA: Bristol-Myers diabetes drug appears safe

Mar 30, 2009

(AP) -- A potential blockbuster diabetes medication from Bristol-Myers Squibb appears free from heart-related side effects that have plagued similar treatments, federal health officials said Monday.

Amylin's long-delayed diabetes drug gets FDA nod

Jan 28, 2012

Amylin Pharmaceuticals won approval Friday for its long-delayed diabetes drug Bydureon, a next-generation treatment that requires fewer injections than the company's 7-year old diabetes medicine, Byetta.

Recommended for you

Study recalculates costs of combination vaccines

Apr 17, 2014

One of the most popular vaccine brands for children may not be the most cost-effective choice. And doctors may be overlooking some cost factors when choosing vaccines, driving the market toward what is actually a more expensive ...

Drug watchdog urges vigilance in cancer drug theft

Apr 17, 2014

Europe's medicine watchdog urged doctors Thursday to be vigilant in administering the cancer drug Herceptin, vials of which had been stolen in Italy and tampered with before being sold back into the supply chain.

User comments