Bristol-Myers Squibb to sell stake in diabetes alliance to AstraZeneca
It was announced today that AstraZeneca has agreed to acquire Bristol-Myers Squibb's stake in the companies' diabetes joint venture.
AstraZeneca is to make an upfront payment of $2.7 billion to Bristol-Myers Squibb, with milestone payments of up to $1.4 billion and royalty payments based on net sales up until 2025 may make payments up to $225m when certain assets are subsequently transferred.
"This agreement will allow us to further evolve our business model as a leading specialty BioPharma company and increase resources behind the opportunities that drive the greatest long-term value for patients, our company and our shareholders. Today's announcement puts the diabetes franchise in the capable hands of AstraZeneca and allows us to move to a more simplified operating model consistent with our pipeline and portfolio."
Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb.
"...the deal reinforces AstraZeneca's long-term commitment to diabetes, a core strategic area for us and an important platform for returning...to growth."
Pascal Soriot, CEO of AstraZeneca
Related news:
AstraZeneca to buy Bristol-Myers Squibb's stake in diabetes alliance for up to $4.3 billion (FirstWord Pharma)
AstraZeneca to buy Bristol out of diabetes venture for up to $4.1 billion (Reuters)
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