Wellll...that depends on who you ask. Officially? I think the baby simply miscarried, and Norman might have been behind it. Some fans think that the baby was whisked away by Alison Mongraine on orders from (once again) Norman Osborn. The MC2 continuity has the baby being reunited with her parents and becoming...Spider-Girl.
As for the fake Aunt May's death--I think whatever she died of Norman introduced, thus the real May wouldn't have it.