BioCentury
ARTICLE | Company News

Amylin, Bristol-Myers deal

August 13, 2012 7:00 AM UTC

Bristol-Myers completed its acquisition of Amylin for $31 per share. The $7 billion deal includes $5.3 billion for Amylin stock and $1.7 billion to pay off the biotech's debt and a contractual obligation. Bristol-Myers will fold Amylin's diabetes portfolio into its existing diabetes deal with AstraZeneca plc (LSE:AZN; NYSE:AZN, London, U.K) (see BioCentury, July 9).

Amylin also made an early payment of $1.3 billion to Eli Lilly and Co. (NYSE:LLY, Indianapolis, Ind.) to satisfy its revenue sharing obligation regarding diabetes drug exenatide. The pharma said it would recognize an additional $0.43 in income per share in 3Q12 and as a result raised its reported FY12 EPS guidance to $3.72-$3.82 from $3.29-$3.39. Amylin markets two formulations - twice-daily Byetta and once-weekly Bydureon - of the glucagon-like peptide-1 receptor agonist. The obligation was the result of Lilly and Amylin's decision to mutually terminate a 2002 deal for exenatide last year (see BioCentury, Nov. 14, 2011). ...