This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bristol-Myers Squibb to Buy Amylin

NEW YORK ( TheStreet) -- Bristol-Myers Squibb (BMY - Get Report) announced late Friday that it's purchasing diabetes drugmaker Amylin Pharmaceuticals (AMLN) in a deal valued at about $7 billion.

In a news release, the companies said Bristol-Myers will pay $31.00 a share in cash for San Diego-based Amylin.

That adds up to about $5.3 billion.

Including Amylin's net debt and a payment obligation to Eli Lilly & Co. (LLY), however, the deal's total value rises to about $7 billion, the companies said.

The purchase price offers a 9.9% premium of to Amylin's closing share price Friday of $28.20.

The boards of Bristol-Myers and Amylin have approved the transaction.

In addition, following the consummation of the deal, New York-based Bristol-Myers plans expand its diabetes partnership with AstraZeneca PLC (AZN - Get Report). The companies will collaborate on developing and marketing Amylin's portfolio of drugs.

AstraZeneca will pay Bristol-Myers Squibb approximately $3.4 billion in cash, and the two partners will split profits and losses from the collaboration.

Shares of Bristol-Myers Squibb closed Friday up 87 cents at $35.95. Shares of AstraZeneca ended the session up 36 cents at $44.75.

This article was written by a staff member of TheStreet.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
AZN $67.88 0.00%
BMY $64.66 0.00%
AAPL $128.95 0.00%
FB $78.99 0.00%
GOOG $537.90 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs