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Bristol-Myers to buy Amylin for $5.3 billion

  • Bristol-Myers Squibb is to buy biotechnology company Amylin Pharmaceuticals for about $5.3 billion in cash in a bid to its portfolio of diabetes treatments with the addition of the Byetta and Bydureon drugs.

    Bristol-Myers said it also reached a follow-on deal with UK-based AstraZeneca to collaborate on developing Amylin's products once the buyout is completed.

    The move would expand upon 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.

    More than 360 million people across the globe have diabetes, with the overwhelming majority suffering from type 2 diabetes, a condition partly due to the rise in obesity in many countries.