The treatment, under review at the FDA, was acquired by Bristol-Myers Squibb as part of its $5.3 billion acquisition of Amylin last year and swiftly partnered with AstraZeneca in an extension of their 2007 diabetes pact.
Now that Bristol-Myers Squibb has taken full control of Amylin's diabetes drugs, it's time to sweep up after the merger party. BMS says it is closing down the storied, 266,000-square-foot headquarters facility in La Jolla at the end of next year, with plans to lay off all among the 420 remaining staffers who don't make a transfer.
From a strictly numbers point of view, last year's results are pretty obvious. As the accompanying chart indicates, 2012 was the slowest in 5 years in terms of both number of deals and dollars on the table. To Christian Dokomajilar, manager and senior biotech analyst at Deloitte Recap, that actually bodes well for 2013. Read the report >>
Takeda is writing off its three-year-old $1.1 billion pact with Amylin to develop new obesity drugs. The two companies decided to mutually terminate the pact 17 months after they scrapped a midstage study for their pramlintide/metreleptin combo.
Mergers and acquisitions by drug companies were off big time this year, down by 35% overall. Much of what is getting invested is targeted at emerging markets, with China not surprisingly leading the list.
Step back and look at the trend in biopharma M&A and you'll find less money than you would have seen on the table last year. Read the report on this year's dealmaking climate >>
Venture deals may be well off the pace set in 2011, but even a casual observer of the biotech industry could tell you that M&A is way up. Now Credit Suisse has stepped up with a new set of figures to back up the trend, noting that we haven't seen these kinds of numbers since Roche bought out Genentech for $46.7 billion in 2008.
Now that Amylin and Human Genome Sciences have dickered their way to a buyout deal, you can expect to see plenty of more rumors and insider stories about the next biotech companies likely to get an offer.
After unsuccessfully struggling for three months to spur a bidding war, Human Genome Sciences appears ready to throw in the towel today and accept a slightly sweetened offer from longtime partner GlaxoSmithKline.
AstraZeneca's decision to expand its diabetes partnership with Bristol-Myers Squibb in the wake of the $5.3 billion Amylin buyout is the biggest new deal in a string of drug pacts completed this year. But don't expect the pharma giant to back away from the deal table anytime soon.