Amylin Pharmaceuticals Inc., the San Diego drug maker whose treatments include the diabetes therapies Bydureon and Byetta, will be acquired by Bristol-Myers Squibb Co. for $5.3 billion in cash.
Bristol-Myers agreed to pay $31 a share for Amylin, the companies said Friday in a statement. That's 10% more than the company's closing price Friday. Including Amylin's debt and a payment to Eli Lilly & Co. of about $1.7 billion, the deal is valued at about $7 billion.
"We are pleased to be able to strengthen the portfolio we have built to help patients with diabetes by building on the success Amylin has had with its GLP-1 franchise," said Bristol-Myers Chief Executive Lamberto Andreotti in the statement.
Amylin began seeking suitors after rejecting a $22-a-share offer from New York-based Bristol-Myers in February, people familiar with the matter said this year. AstraZeneca, Sanofi and Merck & Co. also made offers during a bidding process, people with knowledge of the process had said.