With Lilly Out, Amylin’s Future Is Tied To Bydureon
With the unwinding of its once-lucrative nine-year partnership with Eli Lilly, Amylin Pharmaceuticals now carries all the risk – and all the reward – of its exenatide franchise for diabetes. With sole ownership of its exenatide franchise, Amlyin now has the freedom to seek a lucrative partnership or opt to sell the company outright to a large pharma seeking an edge in a growing diabetes market.
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FDA approved an easier-to-use pen version of Bydureon for the treatment of type 2 diabetes, but AstraZeneca will need to move quickly and effectively with the launch if it is to establish the brand before other long-acting GLP-1’s enter the market.
Biopharma financing totaled $3.7 billion in Q1 2012, $1 billion more than the previous quarter. A total of 22 M&As – with a potential value of $9.28 billion – were completed. Acquisitions of private biotechs structured with earn-outs were a highlight. About a quarter of the alliances involved Big Pharmas, with GlaxoSmithKline and Novartis taking the lead.
The activist investor, previously involved in buyouts at ImClone, Biogen Idec and Elan, as well as a proxy fight at Genzyme, scolds Amylin’s board for lack of transparency on purported Bristol offer and asserts the biotech is not positioned to maximize the market potential of Bydureon.