Medical Giant Buys Out $4.1B Diabetes Venture

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    AstraZeneca completed its previously announced acquisition, valued at up to $4.1 billion, of Bristol-Myers Squibb’s interests in what had been the two companies’ diabetes alliance.

    The acquisition gives AstraZeneca (NYSE: AZN) ownership of the intellectual property and global rights for products that include Onglyza, Kombiglyze XR, Farxiga, Byetta, Bydureon, Symlin and the investigational agent metreleptin.

    When the deal closed Feb. 1, AstraZeneca made an upfront payment of $2.7 billion to Bristol-Myers Squibb (NYSE: BMY), which could receive an additional $1.4 billion based on products that were jointly developed meeting certain regulatory, launch and sales milestones, and on various sales-related royalty payments up until 2025. About $600 million of the contingency payments is tied to the approval of Farxiga in the United States. The Food and Drug Administration granted marketing approval to the type 2 diabetes treatment last month. Read more about this story on PBJ.com.

    For more breaking business news go to PBJ.com