Amylin Pharmaceuticals bought by Bristol-Myers, expanding diabetes alliance with AstraZeneca
Bristol-Myers Squibb Co. has announced it will acquire Amylin Pharmaceuticals for approximately US $5.3 billion in cash. Following the completion of this acquisition, Bristol-Myers Squibb will enter into a collaborative agreement with AstraZeneca, in order to develop and commercialise Amylin’s existing portfolio of products, which has a main focus on the R&,D of treatments for patients with type 2 diabetes.
AstraZeneca will pay Bristol-Myers Squibb US $3.4 billion in cash, and the companies will share profits and losses.
“Amylin’s innovative diabetes portfolio, talent people and state-of-the-art manufacturing facility complement our long-standing leadership in metabolics. 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 development.”
Lamberto Andreotti, Chief Executive Officer, Bristol-Myers Squibb.
In 2007, Bristol-Myers Squibb and AstraZeneca first joined forces to enable the companies to work together in order to research, develop and commercialise select investigational drugs for type 2 diabetes. Their collaboration is primarily focused around ONGLYZA (saxagliptin), which is approved in 77 countries, including the US, Canada, Mexico, EU, India and China, and is part of the innovative class of DPP-4 inhibitors.
“Our recent U.S. launch of BYDUREON, the first ever once-weekly therapy for patients with type 2 diabetes, solidified our position as a driving force in the fight against this rising global epidemic. Importantly, this transaction with Bristol-Myers Squibb and their alliance with AstraZeneca provide the means to maximize the potential and impact of Amylin’s innovative diabetes therapies and reach more patients around the world with treatment options to help manage their disease.”
Daniel M. Bradbury, President and Chief Executive Officer of Amylin.
Around 25.8 million people in the United States have diabetes, with around 280 million people with diabetes worldwide, according to the Centers for Disease Control and Prevention.
Bristol-Myers agrees to acquire Amylin Pharmaceuticals for $5 billion in cash (The Washington Post)
Bristol-Myers to buy diabetes drug maker for $5B (Bloomberg Business Week)
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