Bristol-Myers in $7 Billion Deal for Amylin – NYTimes.com

Bristol-Myers in $7 Billion Deal for Amylin – NYTimes.com.

Charles Bancroft-Nader Nazemi

Charles Bancroft, chief financial officer at Bristol-Myers Squibb.

This is a huge deal and hopefully indicates an uptick in the M&A markets and thus stimulating this slowed down sector of Wall Street.

Bristol-Myers Squibb agreed late on Friday to buyAmylin Pharmaceuticals, the maker of a promising new diabetes drug, in a complicated deal that is valued at about $7 billion.

Bristol-Myers-Nader Nazemi

Bristol-Myers

To help finance the transaction, Bristol-Myers is teaming up with AstraZeneca, which will pay about $3.4 billion in cash and will share in the profits from Amylin’s sales.

Mark Schoenebaum, an analyst at ISI Group, said the deal made sense for Bristol-Myers.

“I like it as a really creative way to do it,” he said. “I like the fact that they split the deal with AstraZeneca. I can’t remember seeing that before.”

Amylin Pharmaceuticals-Nader Nazemi

Amylin Pharmaceuticals

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