AstraZeneca has completed the acquisition of the entirety of Bristol-Myers Squibb's interests in the companies' diabetes alliance.
The acquisition gives AstraZeneca ownership of the intellectual property and global rights for the development, manufacture and commercialisation of the diabetes business.
Pascal Soriot, Chief Executive Officer, AstraZeneca, said: "I extend a warm welcome to our new colleagues and I'm delighted with the speed at which we've completed the acquisition which reinforces our long-term commitment to patients with diabetes. Under a single leadership, we will maximise the potential of our innovative portfolio of non-insulin anti-diabetic medicines, bringing fresh momentum to our growth ambitions for this franchise."
On completion of the acquisition, AstraZeneca paid Bristol-Myers Squibb $2.7 billion of initial consideration. AstraZeneca has also agreed to pay up to $1.4 billion in regulatory, launch and sales payments, and various sales-related royalty payments up until 2025, $600 million of which relates to the approval of Farxiga in the US. In addition, AstraZeneca may make payments of up to $225 million when certain assets are subsequently transferred.
Click here for the complete issue.