Sanofi (EURONEXT: SAN and NYSE: SNY) and Bristol-Myers
Squibb Company (NYSE: BMY) today announced they have restructured
their successful long-term alliance following the loss of exclusivity of Plavix®
in many major markets.
Under the terms of the revised agreement, which will go into effect
January 1, 2013, Bristol-Myers Squibb will return to Sanofi its rights
to Plavix and Avapro/Avalide in all markets worldwide with
the exception of Plavix in the U.S. and Puerto Rico, giving
Sanofi sole control and freedom to operate commercially. In exchange,
Bristol-Myers Squibb will receive royalty payments on Sanofi's sales of
branded and unbranded Plavix worldwide, excluding the U.S. and
Puerto Rico, and on sales of branded and unbranded Avapro/Avalide
worldwide, in each case through 2018, and will receive a terminal
payment of U.S. $200 million from Sanofi in December 2018. Plavix
rights in the U.S. and Puerto Rico will continue unchanged under the
terms of the existing agreement through December 2019.
"Bristol-Myers Squibb and Sanofi have had a long and successful
collaboration helping patients with cardiovascular disease," said Lamberto
Andreotti, chief executive officer, Bristol-Myers Squibb. "This
revised agreement simplifies operations and supports Bristol-Myers
Squibb's ability to focus on delivering our promising, innovation-driven
R&D portfolio and setting the foundation for future success."