The long drama around the Amylin Pharmaceuticals (AMLN) looks like it has reached its end - Bristol-Myers Squibb (BMY) announced the acquisition of Amylin late Friday night in a deal that will pay Amylin shareholders $31 per share in cash. While some sources have reported the size of the deal as $5.3 billion, it's actually larger than that (about $7 billion) as Bristol-Myers will also be taking on over half a billion in Amylin debt and over $1 billion in financial obligations to Lilly (LLY).
is also bringing a partner into this deal. While it technically won't
take place until the Bristol-Amylin merger closes, AstraZeneca (AZN)
will be buying in as part of the existing diabetes drug partnership
between the two companies. For $3.4 billion, AstraZeneca will be getting
a 50% interest in Amylin's products and the option to chip in another
$135 million for the right to equal say in the management and strategic
planning of the collaboration.
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Amylin Bows Out Gracefully