Bristol-Myers, AstraZeneca Team Up On $7B Amylin Deal

Law360, New York (July 2, 2012, 5:02 PM EDT) -- U.S. pharmaceutical giant Bristol-Myers Squibb Co. has teamed up with U.K. life sciences company AstraZeneca PLC to acquire diabetes drugmaker Amylin Pharmaceuticals Inc. for roughly $7 billion, the companies announced Friday.

The companies said that Bristol-Myers will acquire all the outstanding shares of Amylin for roughly $31 per share in cash, an aggregate purchase price of about $5.3 billion. The Princeton, N.J.-based drugmaker will also assume Amylin's net debt and a contractual payment to Eli Lily & Co., a combined commitment of $1.7 billion.

Once the...
To view the full article, register now.