Bristol-Myers Squibb acquires Amylin Pharmaceuticals

Bristol-Myers Squibb has announced the acquisition of Amylin Pharmaceuticals in a deal worth around $7 billion (4.46 billion pounds).

The sum includes an aggregate purchase price of $5.3 billion, plus around $1.7 billion to account for Amylin's net debt and a contractual payment obligation to Lilly.

Following the completion of this deal, Bristol-Myers Squibb and partner AstraZeneca will expand their existing diabetes alliance to encompass the development and commercialisation of Amylin's portfolio of products.

AstraZeneca will pay $3.4 billion to Bristol-Myers Squibb as part of this new agreement, which will affect leading Amylin therapies such as Byetta and Bydureon.

Lamberto Andreotti, chief executive officer at Bristol-Myers Squibb, said: "Amylin's innovative diabetes portfolio, talented people and state-of-the art manufacturing facility complement our long-standing leadership in metabolics."

Last month, Bristol-Myers Squibb and AstraZeneca reported positive data from a phase III study of their investigational diabetes compound dapagliflozin, which will be sold under the name Forxiga if approved.