AstraZeneca, Bristol confirm diabetes deal worth up to $4.1B

|About: AstraZeneca Group plc (AZN)|By:, SA News Editor

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)