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Mr. Yousfi said there are 2 million more barrels on the market today than a year ago.

NEW YORK

Bristol-Myers to buy diabetes drug maker

NEW YORK — Drug maker Bristol-Myers Squibb Co. says it agreed to buy diabetes drug maker Amylin Pharmaceuticals for about $5 billion in cash.

Bristol-Myers says it will pay $31 per share for Amylin in a cash tender offer.

Including Amylin’s debt and a contractual payment obligation to Eli Lilly & Co., the deal is worth about $7 billion.

After the deal, announced on Friday, is complete Bristol-Myers will enter into an alliance with drug maker AstraZeneca to develop and commercialize Amylin’s portfolio of diabetes drugs. AstraZeneca will pay Bristol-Myers $3.4 billion in cash and both companies will share profits and losses.

Bristol-Myers says the deal will hurt earnings in 2012 and 2013 by 3 cents per share.

From wire dispatches and staff reports