Bristol-Myers Squibb completes tender offer for Amylin

Bristol-Myers Squibb on Wednesday announced the successful completion of its previously announced tender offer for all outstanding shares of common stock of Amylin Pharmaceuticals at a purchase price of $31.00 per share, or about $5 billion. As of the expiration of the offer on August 7, 140.55 million shares of Amylin common stock were validly tendered and not withdrawn and Bristol-Myers Squibb noted that all such shares have been accepted for payment in accordance with the terms of the tender offer.

Bristol-Myers Squibb now owns approximately 85.6 percent of the outstanding shares of Amylin and indicated that it has exercised its right to purchase additional shares from Amylin in order to close the deal. Upon completion of the merger, Amylin will become a wholly-owned subsidiary of Bristol-Myers Squibb.

As previously announced, Bristol-Myers Squibb will also enter a marketing partnership with AstraZeneca once the Amylin merger is completed. Under the agreement, which will see the companies developing and marketing Amylin's drugs, AstraZeneca will make a payment of approximately $3.4 billion to Bristol-Myers Squibb.

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