Bristol-Myers Squibb said Wednesday it had completed its tender offer for Amylin Pharmaceuticals, Inc., which is expected to amount to a $7 billion acquisition.
Amylin becomes a subsidiary of BMS, which is based in Princeton.
After the deal closes, the next step in the two pronged deal is for AstraZeneca to spend $3.4 billion to join the Amylin subsidiary in developing and selling Amylin's diabetes drugs.
AstraZeneca, which is trying overcome patent expirations and other challenges, has operations in Wilmington and Newark, Del.
The stock purchase price for Amylin was $31 per share.