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AstraZeneca PLC to acquire Bristol-Myers Squibb Co's share of diabetes assets

Thursday, 19 Dec 2013 02:50am EST 

AstraZeneca PLC:Announces an agreement under which AstraZeneca will acquire the entirety of Bristol-Myers Squibb's interests in the companies' diabetes alliance for an initial consideration of $2.7 billion on completion and up to $1.4 billion in regulatory, launch and sales-related payments.Says AstraZeneca has also agreed to pay various sales-related royalty payments up until 2025.Says, in addition, the company may make payments up to $225 million when certain assets are subsequently transferred.Says upon completion of the transaction, AstraZeneca will own intellectual property and global rights for the development, manufacture and commercialisation of the diabetes business.Says the business includes Onglyza (saxagliptin), Kombiglyze XR (saxagliptin and metformin HCl extended release), Komboglyz XR (saxagliptin and metformin HCl), dapagliflozin, Byetta (exenatide), Bydureon, metreleptin and Symlin (pramlintide acetate).Says AstraZeneca and Bristol-Myers Squibb anticipate that subject to local consultation and legislation, about 4,100 Bristol-Myers Squibb employees dedicated to the diabetes business, including those at Amylin, will eventually transition to AstraZeneca. 

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