AstraZeneca finalizes acquisition of BMS share in global diabetes alliance
AstraZeneca has completed the acquisition of Bristol-Myers Squibb’s share of their global diabetes alliance, taking full ownership of intellectual property and commercial rights for key diabetes medicines.
AstraZeneca announced Monday, February 3, 2014, that it has completed the acquisition of Bristol-Myers Squibb’s entire stake in their global diabetes alliance. The transaction, finalized on February 1, 2014, grants AstraZeneca full ownership and control over the intellectual property, development, manufacturing, and commercialization rights of the diabetes business.
The acquisition encompasses several key diabetes medications, including Onglyza® (saxagliptin), Kombiglyze™ XR (saxagliptin and metformin HCl extended release), Komboglyze™ (saxagliptin and metformin HCl), dapagliflozin (marketed as Forxiga® outside the U.S. and Farxiga® in the U.S.), Xigduo™ (dapagliflozin and metformin HCl), Byetta® (exenatide), Bydureon® (exenatide extended-release for injectable suspension), metreleptin, and Symlin® (pramlintide acetate).
CEO Pascal Soriot welcomed the new colleagues and highlighted the swift completion of the acquisition. He stated that under unified leadership, the company will maximize the potential of its innovative portfolio of non-insulin anti-diabetic medicines, bringing new momentum to its growth ambitions for this franchise.
Upon closing, AstraZeneca paid Bristol-Myers Squibb an initial consideration of $2.7 billion. Additionally, AstraZeneca has agreed to potential future payments of up to $1.4 billion based on regulatory, launch, and sales performance through 2025. Of this amount, $600 million is contingent on the U.S. approval of Farxiga. Further payments of up to $225 million may be made by AstraZeneca related to the subsequent transfer of certain assets.