Medical Giant Buys Out $4.1B Diabetes Venture

By John George | Philadelphia Business Journal
|  Tuesday, Feb 4, 2014  |  Updated 8:01 AM EDT
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Medical Giant's $4.1B Diabetes Deal

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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.

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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

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