Bristol-Myers Squibb Co To Buy Amylin Pharmaceuticals Inc For About $5.3 Billion-Reuters

Reuters reported that Bristol-Myers Squibb Co will buy biotechnology company Amylin Pharmaceuticals Inc for about $5.3 billion in cash. Bristol-Myers said late on Friday it had also reached a follow-on deal with UK-based AstraZeneca PLC to collaborate on developing Amylin's products once the buyout is completed, expanding upon an existing partnership between the two pharmaceutical makers in diabetes treatments. AstraZeneca will pay $3.4 billion in cash for these rights. Bristol-Myers and AstraZeneca already collaborate on several diabetes treatments including Onglyza, and aim to strengthen their position in a growing, multibillion-dollar market. More than 360 million people worldwide have diabetes, with the overwhelming majority suffering from type 2 diabetes, a condition partly attributable to the rise in obesity in many countries. In all, five pharmaceutical giants including AstraZeneca PLC, Novartis AG and Sanofi SA were in the running for Amylin.