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Bristol-Myers to Buy Amylin Pharmaceuticals for $5.3 Billion

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

Stock News for Amylin Pharmaceuticals (AMLN)
DateTimeHeadline
08/09/201208:24:09AstraZeneca: Bristol-Myers Squibb Completes Purchase of Amylin
08/02/201212:30:06Bristol-Myers Executive Charged With Insider Trading
08/02/201212:17:26U.S. Charges Bristol-Myers Executive With Insider Trading
08/02/201211:07:11Bristol-Myers Pension Executive Robert Ramnarine Arrested for...
07/26/201210:24:24Evercore 2nd-Quarter Profit Climbs 19% On Higher Investment Banking...
07/25/201208:20:16Bristol-Myers Profit Falls 28%
07/25/201208:00:01Bristol-Myers 2nd-Quarter Profit Falls 28% on Drug-Patent Expirations
07/02/201211:53:36Bristol Sees Commercial Muscle Accelerating Sales of Bydureon
06/29/201223:36:26Bristol-Myers to Buy Amylin Pharmaceuticals for $5.3 Billion
06/10/201220:35:15Novo Nordisk's Victoza More Efficient Than Peers In New Study
06/09/201208:30:11Sanofi's Lantus Cuts Blood Sugar More Than Merck's Januvia in...
06/05/201209:10:47Amylin is Said To Draw First-Round Bids of Up to $29/Share -Bloomberg
04/25/201214:53:05Icahn: Suit Against Amylin Dropped After Talks With CEO
04/19/201213:53:31FDA Is Asked To Remove Novo Nordisk Diabetes Drug From Market
04/09/201213:08:09Icahn Files Lawsuit Against Amylin To Force Nomination Extension
03/28/201210:08:30Amylin Has Rejected $3.5 Billion Buyout Bid By Bristol-Myers...
03/23/201209:08:11Amylin: EU Approves Diabetes Treatment Byetta With Basal Insulin
01/30/201217:42:15US Stocks Edge Lower As Europe's Debt Flashpoints Weigh
01/30/201208:02:33US Stock Futures Lower On Renewed Worries Over Greece
01/27/201216:12:26FDA Approves Amylin's Bydureon Diabetes Drug After Delays

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