AstraZeneca completes acquisition of diabetes business

3rd Feb 2014 14:38

Pharmaceutical company AstraZeneca has completed the acquisition of Bristol-Meyers Squibb's interest in the company's diabetes alliance.The company, which has produced a new drug pipeline, completed the acquisition on February 1st.The FTSE 100 constituent now owns and has full rights of the intellectual property and the development, manufacture and commercialisation of the diabetes business, including its Onglyza type 2 treatment for adults.On completion of the purchase, AstraZeneca paid Bristol-Meyers an initial $2.7bn and will pay a further $1.4bn in stages payments until 2025.Chief Executive Officer Pascal Soriot said: "I'm delighted with the speed at which we've completed the acquisition which reinforces our long-term commitment to patients with diabetes. Under a single leadership, we will maximise the potential of our innovative portfolio of non-insulin anti-diabetic medicines, bringing fresh momentum to our growth ambitions for this franchise."As of 12:26 the share price rose to 0.48% to 3,877.50p.WS