January 16, 2007
Bristol-Myers Squibb, AstraZeneca enter $1 billion diabetes pact
Bristol-Myers Squibb and AstraZeneca announced a collaboration deal worth $1 billion to develop and commercialize two investigational compounds for Type 2 diabetes. The compounds are saxagliptin, a dipeptidyl peptidase-4 inhibitor currently in Phase III development, and dapagliflozin, a sodium-glucose cotransporter-2 inhibitor currently in Phase IIb development. Both compounds were discovered by Bristol-Myers Squibb. Terms of the deal include an upfront payment of $100 million by AstraZeneca to Bristol-Myers Squibb. BMS may also receive additional payments of up to $650 million based on development and regulatory milestones for the two compounds. Additional sales milestones up to $300 million per product are also possible.