US pharmaceutical firm Bristol-Myers Squibb has agreed a deal to buy biotechnology company Amylin Pharmaceuticals in a move that will help expand its diabetes treatments portfolio.
In an announcement on Friday night, Bristol-Myers said it will pay around $5.3 billion (£3.8bn) in cash for the acquisitio, $3.4 billion (£2.2bn) of which will come from UK-based AstraZeneca Plc as part of a follow-on deal that will see the pair combine their development, regulatory and commercial strengths “to unlock the potential” of Amylin’s products.
These include Byetta, a twice-daily injectable medication for people with type 2 diabetes, and Bydureo, the longer-acting version of the Byetta that requires just one injection a week.
The move will form part of Bristol and AstraZeneca’s long-standing diabetes drugs partnership, and is aimed at strengthening their position in a growing, multi-billion pound market.
In a statement, Bristol-Myers chief executive Lamberto Andreotti said: “We are pleased to be able to strengthen the portfolio we have built to help patients with diabetes.”
“The acquisition of Amylin by Bristol-Myers Squibb is also a unique way for Bristol-Myers Squibb and AstraZeneca to expand the alliance between the two companies, and it demonstrates Bristol-Myers Squibb’s innovative and targeted approach to partnerships and business development.”