AstraZeneca inks billion-dollar pact on diabetes drugs

In what's being billed as an unusual partnership between drug giants, AstraZeneca has agreed to pay Bristol-Myers Squibb $100 million up front and up to $950 million more in milestones to partner up on two new diabetes drugs. AstraZeneca has also agreed to take on 75 percent of the development costs of both late-stage compounds, saxagliptin and dapagliflozin. Global sales and revenue on both products are to be split. Otsuka Pharmaceutical retains the Japanese rights to saxagliptin.

- check out this release for details on the deal
- here's the AP report for more

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