Bristol-Myers Squibb launches tender offer for Amylin
12 Jul 2012
Bristol-Myers Squibb Co yesterday launched its tender offer to buy all outstanding shares of biotechnology company Amylin Pharmaceuticals Inc.
Upon the successful closing of the tender offer, stockholders of Amylin will receive $31 in cash for each share of Amylin common stock. Post closing, Amylin will become a subsidiary of Bristol-Myers Squibb.
The Amylin board has determined that Bristol-Myers Squibb offer is fair to and in the best interests of Amylin and its stockholders.
The tender offer will expire at 5:00 PM (New York City time) on Tuesday, 7 August 2012, unless Bristol-Myers Squibb extends it.
In end June, global pharmaceutical major Bristol-Myers and AstraZeneca had teamed up to buy Amylin for $7 billion, (See: Bristol-Myers Squibb, AstraZeneca expand alliance through Amylin acquisition) three months after Amylin had rejected Bristol-Myers's $3.5 billion unsolicited takeover.
Bristol-Myers said that it s now paying nearly $2 billion more than its February $22-per share offer - rejected by Amylin in March (Amylin reportedly rejects Bristol-Myers $3.5-bn bid) - as it had then made the offer from whatever information was publicly available on Amylin.
Amylin, headquartered in San Diego, California, specialises in delivering novel therapies for diabetes and other metabolic disorders.
Amylin's assets include treatments for type 2 diabetes, Byetta injection and Bydurion, Metreleptin, a leptin analog currently under review at the US Food and Drug Administration (FDA) for the treatment of diabetes, and Symlin for the treatment of type 1 and type 2 diabetes.