Dec 18 Bristol-Myers Squibb Co is close
to selling its stake in a diabetes partnership with AstraZeneca
Plc to the British drugmaker in a deal valued at more
than $3 billion, the Wall Street Journal reported on Wednesday.
Bristol had announced last month that it would no longer
conduct research to discover new drugs for diabetes, hepatitis C
and neurological conditions, but would increase spending on
medicines that harness the immune system to fight cancer.
That refocus led to speculation that Bristol would seek to
sell its share in the non-U.S. part of the diabetes joint
venture to AstraZeneca.
Bristol spokeswoman Laura Hortas declined to comment on the
reported deal. Officials at AstraZeneca did not immediately
respond to requests for comment.
The joint venture includes the oral medicines Onglyza,
Kombiglyze and Forxiga, as well as the injectable treatments
Bydureon and Byetta.
Demand for many of these products has been relatively slow
to build up and Forxiga, also known as dapagliflozin, was
rejected by U.S. regulators in 2012.