Business Irish

Wednesday 18 October 2017

Bristol-Myers to buy Amylin in $5.3bn deal

Bristol-Myers Squibb, which employs hundreds of people in two plants in Ireland, will pay $5.3bn (€4.18bn) for Amylin Pharmaceuticals to gain control of the US company's diabetes treatments, write Meg Tirrell, Ryan Flinn and Jeffrey McCracken.

The purchase comes a month after Bristol's top-seller, the Irish-made blood-thinner Plavix with $7.1bn in sales last year, began facing generic competition.

New York-based Bristol-Myers will pay $31 a share, a 10pc premium on last Friday's closing price, for Amylin. At the same time, AstraZeneca, based in London, will pay Bristol $3.4bn to help develop Amylin's drug portfolio.

Including Amylin's debt and a payment owed to Eli Lilly of about $1.7bn, the deal is valued at about $7bn. (Bloomberg)

Irish Independent

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