AstraZeneca: Bristol-Myers Squibb Completes Purchase of Amylin
08/09/2012| 08:09am US/Eastern
LONDON--AstraZeneca PLC (>> AstraZeneca plc) and Bristol-Myers Squibb said Thursday that following the successful completion of the acquisition of Amylin Pharmaceuticals by Bristol-Myers Squibb Co (>> Bristol Myers Squibb Co.), AstraZeneca has made an initial payment of 3.2 billion dollars to Amylin Pharmaceuticals (>> Amylin Pharmaceuticals, Inc.).
-As previously disclosed, the payment is being made in connection with the expansion of the diabetes alliance between AstraZeneca and Bristol-Myers Squibb to incorporate the development and marketing of Amylin's portfolio of diabetes products, and profits and losses arising from the collaboration will be shared equally.
-AstraZeneca has also informed Bristol-Myers Squibb of its intention to exercise its option to acquire certain additional governance rights over key strategic and financial decisions regarding Amylin's portfolio.
-The rights to this option will become effective once the applicable anti-trust and competition approvals are received by AstraZeneca. Upon the exercise of the option an additional payment of $135 million will be made to Bristol-Myers Squibb.
-Amylin Pharmaceuticals is now a wholly-owned subsidiary of Bristol-Myers Squibb.
-AstraZeneca shares at 1150 GMT down 23.0 pence, or 0.8%, at GBP29.92, valuing the company at GBP37.66 billion.
-Write to Razak Musah Baba at email@example.com
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