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NEW YORK — Bristol-Myers Squibb has bought a majority stake in drug maker Amylin Pharmaceuticals, Bristol said Wednesday.
The New York-based drug maker said that 140.5 million shares of Amylin had been put up for sale at $31 per share, and that it now owned 85.55% of the San Diego-based company. Bristol said it planned to acquire the rest of Amylin's shares Wednesday as well.
Bristol announced its intention to buy Amylin for $5.3 billion in early July. The total value of the acquisition is about $7 billion, including $1.7 billion in Amylin's contractual payment and debt obligations.