Astrazeneca to pay Bristol-Myers up to 1.35 bln usd for diabetes drug deal |
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Thu, 11 Jan 2007 13:45
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LONDON (AFX) - AstraZeneca PLC and Bristol-Myers Squibb Co today announced a collaboration worth up to 1.35 bln usd to develop and commercialise two diabetes compounds.Under the terms of the deal, AstraZeneca will make a 100 mln usd upfront payment to Bristol-Myers, which discovered both the saxagliptin and dapagliflozin compounds, and Bristol-Myers is also in line to receive up to 650 mln usd from development and regulatory milestones, as well as 300 mln usd per compound for sales milestones.AstraZeneca will fund the majority of development costs from 2007 through 2009, and any additional development costs will be shared equally.This is expected to increase AstraZeneca's R&D to sales ratio in 2007 by around 0.5 pct and in 2008 by around 1 pct.Saxagliptin is currently in Phase III development and the companies plan to file for US regulatory approval in the first half of 2008.Dapagliflozin is currently in Phase IIb development.The collaboration agreement is worldwide, except for Japan, where Bristol-Myers last month announced an exclusive licence agreement with Otsuka Pharmaceutical Co for saxagliptin.The companies said they will jointly develop the clinical and marketingstrategy of the compounds, and post-launch will share commercialisation expensesand profits/losses equally on a global basis, excluding Japan.Bristol-Myers Squibb will manufacture both products and book sales.newsdesk@afxnews.comksCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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