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news.AstraZeneca has completed the acquisition of Bristol-Myers Squibb's (BMS's) interests in the companies’ diabetes alliance for $4.1bn.
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The acquisition gives AstraZeneca ownership of the intellectual property and global rights for the development, manufacture and commercialisation of the diabetes business, including Onglyza, Kombiglyze XR, Komboglyze, dapagliflozin, Xigduo, Byetta, Bydureon, metreleptin and Symlin.
AstraZeneca CEO Pascal Soriot said, "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 deal, AstraZeneca paid BMS $2.7bn of initial consideration and has also agreed to pay up to $1.4bn in regulatory, launch and sales payments.
AstraZeneca will also pay several sales-related royalty payments up until 2025, $600m of which relates to the approval of Farxiga in the US.
Additionally, AstraZeneca may make payments of up to $225m when certain assets are subsequently transferred.
The acquisition will see about 4,100 Bristol-Myers Squibb employees dedicated to the diabetes business, including those at Amylin moved to AstraZeneca.