Bristol-Myers Squibb Co.’s $5.3 billion deal to buy diabetes drugmaker Amylin Pharmaceuticals Inc. allows Bristol immediate access to a market of growing medical need while heralding a burgeoning industry hunger for acquisitions.

The agreement is the second announced this year for Bristol, and the largest for the pharmaceutical industry. It comes after the blood-thinner Plavix, Bristol’s top seller in 2011 at $7.1 billion, began facing generic competition in May.