BMS agrees to takeover Amylin, extends partnership with AstraZeneca

(MENAFN) New York-based biopharmaceutical firm Bristol-Myers Squibb Co (BMS) agreed to acquire biotechnology company Amylin Pharmaceuticals Inc for about USD5.3 billion in cash, Reuters reported. The deal, according to Bristol-Myers, will help extend its portfolio of diabetes treatments with the addition of drugs Byetta and Bydureon which Amylin makes. Bristol-Myers also said it reached a partnership deal with UK-based AstraZeneca Plc to jointly develop Amylin's products after the takeover deal is sealed. AstraZeneca will pay USD3.4 billion in cash for these rights. a further collaboration upon an existing partnership between the two pharmaceutical makers in diabetes treatments. Amylin has been looking for potential buyers in April after rejecting a previous USD3.5 billion takeover bid from Bristol-Myers, and facing pressure from activist investor Carl Icahn.