Issue Date: August 20, 2012
Lilly Gets Windfall From Amylin Sale
Eli Lilly & Co. is the recipient of a nearly $1.3 billion windfall following Bristol-Myers Squibb’s acquisition of the diabetes drug firm Amylin. In November, Lilly and Amylin ended their decade-long partnership for developing exenatide, a GLP-1 receptor agonist for the treatment of type 2 diabetes sold under the brand name Byetta. Under the terms of their breakup, Amylin was to pay Lilly as much as 15% of sales of Byetta up to $1.2 billion. Amylin opted to make the payment early, plus pay back a $165 million loan from Lilly. Lilly says the cash influx will be used to advance its business and its drug pipeline.
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