BMS finalises Amylin buy, Lilly cashes in too
This article was originally published in Scrip
Executive Summary
Bristol-Myers Squibb has completed its $7 billion acquisition of Amylin for $31 per share, paving the way for AstraZeneca to get in on the action. The UK firm has paid $3.2 billion to Amylin for an equal share in the profits generated by Amylin's diabetes drugs as part of an expanded diabetes alliance between the two firms. AstraZeneca also said it will also be buying the right to have a say in key strategic and financial decisions relating to the portfolio for $135 million. In June, Scrip highlighted the two pharmaceutical firms, which have worked together in diabetes since 2007, as prime contenders for the Amylin bid (scripintelligence.com, 27 June 2012). AstraZeneca's involvement in the BMS-Amylin deal was little surprise, as news of the acquisition broke, Scrip took a look at the events leading up to the deal (scripintelligence.com, 2 July 2012). Meanwhile, Lilly has upped its financial guidance after receiving $1.26 billion from its former partner Amylin for financial obligations relating to exenatide (Byetta, Bydureon). Lilly says it will use the money to develop its pipeline.