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Bristol-Myers, AstraZeneca expand diabetes alliance

Bristol-Myers Squibb Company and AstraZeneca have announced the completion of the acquisition of Amylin Pharmaceuticals by Bristol-Myers Squibb.

As part of the diabetes alliance between AstraZeneca and Bristol-Myers, AstraZeneca has made an initial payment of $3.2bn to Amylin Pharmaceuticals.

Bristol-Myers chief executive officer Lamberto Andreotti said the completion of the acquisition of Amylin and the expansion of diabetes alliance with AstraZeneca will increase and strengthen portfolio of diabetes medicines, extending its reach across the spectrum of treatment options.

"We are pleased to have the opportunity to work together to build on the innovative portfolio, state-of-the art manufacturing facilities and dedicated customer focus that the talented people at Amylin have created," Andreotti added.

Under the diabetes alliance between the companies the development and marketing of Amylin’s portfolio of diabetes products, and profits and losses arising from the collaboration will be shared equally.

Bristol-Myers was also informed by AstraZeneca of its intention to exercise its option to obtain certain additional governance rights over key strategic and financial decisions regarding Amylin’s portfolio.

Upon the exercise of the option, which becomes effective once applicable anti-trust and competition approvals are received by AstraZeneca, an additional payment of $135m will be made to Bristol-Myers.

AstraZeneca interim chief executive officer Simon Lowth said, "We are delighted to have successfully completed the expansion of our diabetes alliance with Bristol-Myers Squibb through the addition of Amylin’s GLP-1 franchise, creating a broader disease management platform for patients, physicians and payers."