Deals
Glaxo to Pay Bristol-Myers Up to $1.46 Billion for HIV Drugs
- Bristol-Myers to get upfront cash payment of $350 million
- Transactions likely to be completed in first-half of 2016
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GlaxoSmithKline Plc agreed to buy Bristol-Myers Squibb Co.’s portfolio of experimental HIV treatments for as much as $1.46 billion in two transactions, bolstering one of the U.K. drugmaker’s fastest-growing businesses.
Glaxo’s ViiV Healthcare unit will pay $317 million in cash upfront for two drugs in late-stage development and $33 million for assets that are in the preclinical or discovery phases of research, the London-based company said in a statement today. The U.K.’s largest drugmaker may also give $518 million plus royalties if the late-stage medicines reach certain milestones, and $587 million in additional payments for the early-stage drugs if they meet targets.