'Amylin's knowledge of peptide therapeutics and its leadership in the diabetes market, paired with our capabilities in process development, manufacturing and clinical development, provides ample scope to bring a novel therapy to diabetics,' Shaw said in the statement.

Amylin chief executive Daniel M. Bradbury said the tie-up would lead to cutting-edge peptide science to provide relief diabetic patients.

Based in San Diego, California, the 22-year-old Amylin is engaged in the discovery, development and commercialisation of drugs for treating diabetes, obesity and other diseases.