The GLP-1 agonist bested Merck's Januvia and Amylin Pharmaceuticals' Byetta once again, this time by helping more patients push their blood sugar levels below a target of 7%.
Eli Lilly may be having a devilishly hard time developing new CNS drugs, but it's been racking up an impressive set of late-stage data for a roster of new diabetes drugs in the pipeline.
The Indianapolis-based drug giant pockets an early payment of $1.26 billion from Amylin because of the $5 billion sale of the San Diego diabetes specialist to Bristol-Myers Squibb. Lilly had expected the money to come in over a number of years as part of its agreement to break ties with Amylin last year on the development of diabetes drugs.
Bristol-Myers Squibb was having a very bad day today. As its stock was falling in the wake of the news that its $2.5 billion hep C drug may not be worth $2.50, one of its executives was charged with insider trading ahead of three key acquisitions, according to a report from Bloomberg.
Now that Amylin and Human Genome Sciences have completed their buyout deals, the biotech industry is virtually humming with gossip about the next sizable buyout.
Yesterday's story from Reuters that Carl Icahn made "only" 22% on his Amylin investment evidently didn't win any smiles among the corporate raider's inner circle.
Biotech investors have a busy FDA schedule to ponder for the month ahead. Adam Feuerstein at TheStreet highlights four big drug decisions in the weeks to come, and he's bullish about the chances of some closely-watched drugs.
Bristol-Myers Squibb got the bidding started on Amylin when it stepped in with a $3.5 billion offer back in February. Late on Friday it completed the quest, agreeing to buy out the biotech company in a deal valued at $7 billion.
The battle over the diabetes drug market has raged for some time now, but fighting grew intense over the past week as drugmakers unveiled new evidence about the benefits of their treatments over others.
Count AstraZeneca and Bristol-Myers Squibb among the bidders for diabetes drugmaker Amylin Pharmaceuticals, sources tell Reuters.