Bristol-Myers (BMY), AstraZeneca (AZN) Make Initial $3.2B Payment to Amylin Pharma; AstraZeneca Exercises Rights Option

Bristol-Myers Squibb Company (NYSE: BMY) and AstraZeneca (NYSE: AZN) announced that following the successful completion of the acquisition of Amylin Pharmaceuticals by Bristol-Myers Squibb, AstraZeneca has made an initial payment of approximately $3.2 billion to Amylin Pharmaceuticals, now a wholly-owned subsidiary of Bristol-Myers Squibb. As previously disclosed, the payment is being made in connection with the expansion of the diabetes alliance between AstraZeneca and Bristol-Myers Squibb to incorporate the development and marketing of Amylin’s portfolio of diabetes products, and profits and losses arising from the collaboration will be shared equally.

AstraZeneca has also informed Bristol-Myers Squibb of its intention to exercise its option to acquire certain additional governance rights over key strategic and financial decisions regarding Amylin’s portfolio. The right to exercise this option will become effective once applicable anti-trust and competition approvals are received by AstraZeneca. Upon the exercise of the option an additional payment of $135 million will be made to Bristol-Myers Squibb.

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