Xconomy: Bristol-Myers Buys Amylin for $5.3B, Getting Diabetes Drugs
Summary
The deal, announced late Friday, calls for New York-based Bristol to pay $31 a share for Amylin, or about 10 percent more than its closing price today.By taking on some of Amylin’s debt and a contractual obligation it has to Eli Lilly, the total value of the deal is actually about $7 billion, Bristol said in a statement.Amylin, which has never been consistently profitable in its 25 year history and has run up a $2.7 billion cumulative deficit, found itself the object of a Big Pharma bidding war the past few months.Amylin suffered through two years of regulatory delays in its bid to win FDA approval for Bydureon, until it finally broke through and got clearance to sell the drug in the U.S. in January.“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 officer, Bristol-Myers Squibb, in a statement.
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