Bristol-Myers Squibb has launched a tender offer to purchase all outstanding shares of Amylin Pharmaceuticals.
The company said it will pay £31 in cash for each share of Amylin common stock, without interest and less any applicable withholding taxes.
The tender offer will expire at 5.00pm, New York time on 7 August 2012, unless extended in accordance with the merger agreement and the applicable rules and regulations of the SEC.
Following the purchase of the shares, Amylin will become a subsidiary of Bristol-Myers Squibb and will help it to extend its portfolio of diabetes treatments with the addition of drugs Byetta and Bydureon.
The closing of the tender offer is subject to customary terms and conditions, including there being validly tendered a number of shares that constitutes at least a majority of Amylin's outstanding shares of common stock.
Image: Bristol-Myers Squibb's offices in Brussels, Belgium. Credit: Bristol-Myers Squibb.