- As flagged, AstraZeneca (AZN) has agreed to acquire Bristol-Myers Squibb's (BMY) holding in the companies' diabetes joint venture for an initial $2.7B and as much as $1.4B in additional payments.
- The transaction will strengthen AstraZeneca's earnings potential at a time that it's being hit by patent expirations.
- Bristol will receive funds that it can use to develop treatments in other fields, including cancer.
- The JV's drugs include the oral therapies Onglyza, Kombiglyze and Forxiga, and the injectable medicines Bydureon and Byetta. (PR)