Drugmakers AstraZeneca and Bristol-Myers Squibb ended a joint venture to sell drugs to treat diabetes, with AstraZeneca agreeing to take the products and pay BMS $2.7 billion up front and up to $1.4 billion more, if regulatory, commercial launch and sales-related milestones are reached.
AstraZeneca is based in London, but has facilities in Wilmington and Newark, Del. AstraZeneca recently cut jobs at the Wilmington facility, with some personnel moving to Gaithersburg, Md. BMS is headquartered in New York, but has four New Jersey facilities.
The joint venture was part of BMS' acquisition of Amylin, which was developing many of the diabetes drugs involved.
Though the separation, including ongoing clinical trials, will take several years to complete, AstraZeneca said approximately 4,100 BMS employees dedicated to the diabetes business will eventually move to AstraZeneca. - David Sell