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AZ Doubles Down On Diabetes, Buys Out Bristol’s Share in Alliance

 
• By Michael Goodman

AstraZeneca will acquire all of Bristol’s interests in their current diabetes alliance. In doing so, AZ believes its geographic reach and scale in assets and capabilities position it to succeed, while Bristol retreats from diabetes to focus on specialty biologics, notably its PD-1 franchise.

AstraZeneca PLCwill buy out Bristol-Myers Squibb Co.’s interest in their diabetes alliance, including the drug assets, employees and infrastructure. In a structured deal, AZ is paying $2.7 billion upfront, as well as $1.4 billion in regulatory and commercial milestones, and royalties up to 2025.

The deal, announced on Dec. 19, ends a seven-year diabetes alliance between the two big pharmas, which culminated in the 2012 co-purchase of Amylin Pharmaceuticals Inc. for $7 billion...

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