Bristol-Myers Squibb, Sanofi restructure long-term alliance

Published on October 4, 2012 at 3:11 AM · No Comments

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® and Avapro®/Avalide® 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."

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