Today's WSJ reports Bristol-Myers Squibb is still interested in acquiring Amylin (mkt cap $3.6 B) -- as one of its larger pearls. Amylin reportedly turned down and offer from BMS earlier this year of $3.5 B -- which has triggered some furor among its shareholders -- notably one Carl Icahn who owns about 9% of the company's shares.
Amylin's lead drugs Byetta and Bydureon for the treatment of diabetes would help complement the BMS offer that includes drugs like Onglyza (co-marketed with AstraZeneca) and a drug under development called dapagliflozin. The world wide diabetes market is expected by IMS to reach up to $48 B by 2015 -- making an Amylin acquisition attractive to BMS to replace revenue losses from medicines with expiring drug patents. In that regard, Amylin would appear to fit neatly into BMS' string of pearls strategy for growth.
Posted by Bruce Lehr Apr 6th 2012.