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AC2592

Bristol-Myers Squibb Company

Drug Names(s): rGLP-1, Glucagon-Like Peptide-1 (7-36) Amide, Betatropin

Description: Glucagon-like peptide-1 is secreted from the human gastrointestinal tract in response to food. It has potent effects on glucose-dependent insulin secretion, insulin gene expression, and pancreatic islet cell formation. Recombinant GLP-1 is emerging as a novel therapeutic agent for the treatment of diabetes mellitus and related metabolic catastrophes such as obesity.

Exogenous administration of rGLP-1 to subjects with type II diabetes has generated a therapeutic effect of still-to-be-clarified significance. GLP-1’s tendency to normalize plasma glucose concentrations was initially attributed to augmented glucose-stimulated insulin secretion. However multiple mechanisms of action are now known to collectively improve the diabetic phenotype. In addition to augmenting insulin secretion, rGLP-1 decelerates gastric emptying; promotes satiety; reduces the availability of nutrients for absorption; reduces the requirement for insulin secretion; reduces plasma glucose by suppressing glucagon secretion from pancreatic alpha-cells; improves insulin sensitivity in peripheral tissues; upregulates expression of pancreatic beta-cell genes GLUT2, glucokinase, insulin, and PDX-1; and promotes beta-cell generation and differentiation of pancreatic ductal cells into insulin secreting cells.

Deal Structure: In December 2002, Amylin licensed rGLP-1 from Restoragen for $4 million plus future milestones and royalties. A few weeks before the deal, Restoragen filed for bankruptcy.

Amylin and Bristol-Myers Squibb
Bristol-Myers Squibb and Amylin announced that Bristol-Myers Squibb will acquire Amylin for $31.00 per share in cash, pursuant to a cash tender offer and second step merger, or an aggregate purchase price of approximately $5.3 billion. The total value of the transaction, including Amylin's net debt and a contractual payment obligation to Eli Lilly & Company, together totaling about $1.7 billion, is approximately $7 billion. The acquisition has been unanimously approved by the boards of directors of Bristol-Myers Squibb and Amylin. The board of directors of Amylin has unanimously recommended that Amylin's stockholders tender their shares into the tender offer.

Under the terms of the definitive merger agreement between Bristol-Myers Squibb and Amylin, Bristol-Myers...See full deal structure in Biomedtracker

Partners: Restoragen


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