LONDON (Alliance News) - GlaxoSmithKline PLC said Friday its HIV joint venture ViiV Healthcare has agreed to buy Bristol-Myers Squibb Co's late-stage HIV research and development assets and its portfolio of preclinical and discovery stage HIV research assets.
ViiV will pay USD317 million upfront for the late-stage assets, followed by development and first commercial sale milestones of up to USD518 million, along with tiered royalties on sales. For the preclinical and discovery stage assets, it will pay USD33 million upfront, followed by development and first commercial sales milestones of up to USD587 million, with further consideration contingent on future sales performance.
The deals are expected to complete during the first half of 2016, and are subject to regulatory approvals.
"These acquisitions strengthen our leadership and innovation in HIV, one of our core areas of scientific research at GSK. The addition of two potential first-in-class late-stage treatments and several promising early clinical development programmes strengthens ViiV Healthcare's pipeline and provides us with further new opportunities for growth," said David Redfern, Chairman of ViiV Healthcare and Chief Strategy Officer at Glaxo, in a statement.
ViiV is a joint venture established between Glaxo, Pfizer Inc and Shionogi & Co Ltd in 2009.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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