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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amylin Pharmaceuticals, Inc. (MM) | NASDAQ:AMLN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.98 | 0 | 01:00:00 |
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
1 Year Amylin Pharmaceuticals, Inc. (MM) Chart |
1 Month Amylin Pharmaceuticals, Inc. (MM) Chart |
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