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Bristol-Myers Squibb Co completes previously announced sale of global diabetes business to AstraZeneca


Monday, 3 Feb 2014 02:00am EST 

Bristol-Myers Squibb Co:Says it has completed the previously announced sale of its global diabetes business to AstraZeneca.Receives from AstraZeneca a payment of about $2.7 bln in connection with the closing, and will receive by mid-February, a $0.6 bln payment from the recent U.S. approval of Farxiga (dapagliflozin).Says under terms of the agreement, Bristol-Myers Squibb will also receive from AstraZeneca potential regulatory and sales-based payments of up to $0.8 bln, and royalty payments based on net sales through 2025.Says AstraZeneca will make payments of up to $225 mln if and when certain assets are subsequently transferred.Says the transaction includes the rights to Bristol-Myers Squibb's global diabetes business that was part of its collaboration with AstraZeneca, the former Amylin manufacturing facility in West Chester, Ohio.Says also covers the future purchase by AstraZeneca of Bristol-Myers Squibb's Mount Vernon, Indiana, manufacturing facility, no earlier than 18 months following the closing date.Says the closing of the transaction as it relates to China remains subject to the satisfaction of certain conditions in the Sino-American Shanghai Squibb Pharmaceutical Company joint venture agreement between Bristol-Myers Squibb China and its joint venture partners. 

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