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Bristol-Myers close to selling $3B+ stake in diabetes JV to AZN

  • Bristol-Myers Squibb (BMY) is reportedly close to an agreement to sell its holdings in a diabetes joint venture to partner AstraZeneca (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.
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