- Bristol-Myers Squibb (NYSE:BMY) is reportedly close to an agreement to sell its holdings in a diabetes joint venture to partner AstraZeneca (NYSE:AZN) in a deal that could be worth over $3B.
- A transaction would mark a sharp U-Turn in Bristol's strategy: last year the company increased its diabetes commitment by paying $5.3B to buy Amylin Pharmaceuticals, which was then incorporated into the JV with AZN. The latter paid Bristol $3.4B for a half share of Amylin's drugs.
- However, sales from the partnership have been disappointing and Bristol is less persuaded about the market opportunity than AstraZeneca.