LONDON Dec 19 AstraZeneca has agreed to
buy Bristol-Myers Squibb's stake in a diabetes joint
venture between the two drugmakers for an initial $2.7 billion
plus up to $1.4 billion in additional payments.
The move, announced by the two partners on Thursday, will
bulk up AstraZeneca's thin drug portfolio and give Bristol more
funds to invest in other areas, such as cancer, where it is
developing promising therapies tapping into the immune system.
Speculation that such a deal might be on the cards was
fuelled last month after Bristol decided to exit diabetes drug
The Bristol-AstraZeneca diabetes joint venture includes the
oral medicines Onglyza, Kombiglyze and Forxiga, as well as the
injectable treatments Bydureon and Byetta. Last week, the
venture received a boost when an advisory panel to the U.S. Food
and Drug Administration endorsed its new diabetes pill