AstraZeneca wraps us acquisition of BMS stake in diabetes business

The joint diabetes venture between pharmaceutical companies AstraZeneca and Bristol-Meyers Squibb has come to an end following AstraZeneca’s takeover of its former partner’s interest in the companies’ diabetes alliance.
The Anglo-Swedish drugmaker announced on Monday that it had completed its acquisition of Bristol-Myers Squibb’s stake in their joint diabetes business, giving it full ownership of the intellectual property and global rights for the development, manufacture and commercialisation of a portfolio of drug treatments for adult diabetics.
The portfolio includes Onglyza (saxagliptin), Komboglyze (saxagliptin and metformin), Forxiga (dapagliflozin), Xigduo (dapagliflozin and metformin), as well as Byetta (exenatide), Bydureon (extended-release exenatide) and Symlin (pramlintide), which were purchased through last year’s takeover of Amylin.
Upon completion of the purchase, AstraZeneca paid Bristol-Meyers an initial $2.7bn (£1.7bn) and has also agreed to pay the American pharmaceutical a further $1.4bn (£860m) in stages payments up until 2025.
Announcing the acquisitio, AstraZeneca CEO Pascal Soriot, 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.”