UPDATE 1-Bristol-Myers starts tender offer for Amylin

Tue Jul 10, 2012 8:16am EDT

* Offer at $31/shr expires Aug 7, unless extended

July 10 (Reuters) - Bristol-Myers Squibb Co on Tuesday launched its tender offer to buy all outstanding shares of biotechnology company Amylin Pharmaceuticals Inc.

Bristol-Myers said last month it would pay $31 per share for Amylin, helping it extend its portfolio of diabetes treatments with the addition of drugs Byetta and Bydureon.

The offer to buy all of Amylin's common stock will expire at 5:00 p.m. New York time on Aug. 7, unless extended, Bristol-Myers said in a statement.

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