BREAKING NEWS - BMS close to selling its stake in diabetes alliance to AZ

[Anonymous]

Turn out the lights Martha, the parties over .......

 

[Anonymous]

Done deal 4100 BMS reps will be handed over to AZ for 4bill

 

[Anonymous]

This deal includes all global business including U.S. The price does seem incredibly low considering BMS paid $3.7 million for 50% of Amylin. AZ is getting all of Amylin plus the BMS diabetes research and development, plus Onglyza and KXR for less then BMS paid for its half of Amylin. Bargain basement prices! Black Friday special.

 

[Anonymous]

Maybe we can give them all of the whiners and deadasses - wouldn't that be great.

 

[Anonymous]

This deal includes all global business including U.S. The price does seem incredibly low considering BMS paid $3.7 million for 50% of Amylin. AZ is getting all of Amylin plus the BMS diabetes research and development, plus Onglyza and KXR for less then BMS paid for its half of Amylin. Bargain basement prices! Black Friday special.

They also get to shed 4000 employees without paying a dime in severance.

 

[Anonymous]

It' official. BMS Alliance belongs to AZ. What will happen to BMS employees? Do you really think they will acquire us?

 

[Anonymous]

It' official. BMS Alliance belongs to AZ. What will happen to BMS employees? Do you really think they will acquire us?

Thats what they told us

 

[Anonymous]

It' official. BMS Alliance belongs to AZ. What will happen to BMS employees? Do you really think they will acquire us?

According to the release, all assets, INCLUDING all emoployees of BMS who work in the Diabetes Alliance will go to AZ.... We will be AZ employees in the next 3 months...

 

[Anonymous]

Yes....we will all have the "Opportunity to join AZ", and "all employees from BMS and AZ will be treated fairly". Those are all warm and cozy phrases for "don't let the dust settle on the resume that you just posted to come over and launch an ESS team!

 

[Anonymous]

$3 billion is more margin than BMS would have taken from this drug in its history.

Its a generic market with low margins and split between the alliance partners.

Hold on to your hats and look for a package.

 

[Anonymous]

This deal includes all global business including U.S. The price does seem incredibly low considering BMS paid $3.7 million for 50% of Amylin. AZ is getting all of Amylin plus the BMS diabetes research and development, plus Onglyza and KXR for less then BMS paid for its half of Amylin. Bargain basement prices! Black Friday special.

May be back door deals going on here

 

[Anonymous]

Done deal 4100 BMS reps will be handed over to AZ for 4bill

Oh you poor unlucky bastards.

...and I say that working for AZ...

Then again, having a job is better than none.

 

[Anonymous]

Yes....we will all have the "Opportunity to join AZ", and "all employees from BMS and AZ will be treated fairly". Those are all warm and cozy phrases for "don't let the dust settle on the resume that you just posted to come over and launch an ESS team!

Meaning we will have to interview much like Inventiv employees had to, to be apart of BMS. Gives AZ an out to weed out the ones they do not want.

 

[Anonymous]

BMS Europe are banging on about how good it is for the company.

What about the actual people who, if they dont want to relocate to AZ offices, get the push!

 

[Anonymous]

Meaning we will have to interview much like Inventiv employees had to, to be apart of BMS. Gives AZ an out to weed out the ones they do not want.

You got that one correct. Most BMS people will be gone within 6-12 months at best.

 

[Anonymous]

It's non-US. Nothing is changing here. Alliance is strong

AstraZeneca to acquire Bristol-Myers Squibb share of global diabetes alliance assets
Thursday, 19 December 2013

Global agreement strengthens AstraZeneca’s commitment to diabetes, a key growth platform in a core strategic area for the company
AstraZeneca today announced an agreement under which AstraZeneca will acquire the entirety of Bristol-Myers Squibb’s interests in the companies’ diabetes alliance for an initial consideration of $2.7 billion on completion and up to $1.4 billion in regulatory, launch and sales-related payments. AstraZeneca has also agreed to pay various sales-related royalty payments up until 2025. In addition, AstraZeneca may make payments up to $225 million when certain assets are subsequently transferred.

Upon completion of the transaction, AstraZeneca will own intellectual property and global rights for the development, manufacture and commercialisation of the diabetes business, which includes Onglyza® (saxagliptin), Kombiglyze™ XR (saxagliptin and metformin HCl extended release), Komboglyze™ (saxagliptin and metformin HCl), dapagliflozin (marketed as Forxiga® outside the US), Byetta® (exenatide), Bydureon® (exenatide extended-release for injectable suspension), metreleptin and Symlin® (pramlintide acetate).

The transaction will consolidate worldwide ownership of the diabetes business within AstraZeneca leveraging its primary and specialty care capabilities and its geographical reach, especially in emerging markets. The agreement reinforces AstraZeneca’s long-term commitment to patients with diabetes, a core strategic area and an important platform for returning AstraZeneca to growth.

Based on the anticipated timing of the close, the transaction will have no impact on AstraZeneca’s guidance for Core EPS for 2013. The company expects the transaction when implemented to be neutral to Core EPS in 2014. AstraZeneca reaffirms its commitment to its progressive dividend policy. AstraZeneca intends to finance the transaction from existing cash resources and short-term credit facilities.

AstraZeneca and Bristol-Myers Squibb anticipate that subject to local consultation and legislation, approximately 4,100 Bristol-Myers Squibb employees dedicated to the diabetes business, including those at Amylin, will eventually transition to AstraZeneca. Over time, AstraZeneca will also become responsible for the manufacturing and supply chain of the full portfolio of diabetes products. Bristol-Myers Squibb will continue to deliver specified clinical trials in line with the ongoing clinical trial plan. A number of R&D and manufacturing employees dedicated to diabetes will remain with Bristol-Myers Squibb to progress the diabetes portfolio and support the transition for these areas.

Pascal Soriot, Chief Executive Officer of AstraZeneca said: “Diabetes is rapidly becoming a global challenge of epidemic proportions that is expected to affect more than 550 million people by 2030. Much of this impact will be felt in emerging markets where AstraZeneca has a strong presence. In recent years we’ve worked with our alliance partners at Bristol-Myers Squibb to develop an innovative portfolio of non-insulin anti-diabetic medicines that help address the needs of these patients.

“Together with Bristol-Myers Squibb we concluded that consolidating ownership of the diabetes portfolio would benefit both companies and allow us to better serve the needs of diabetic patients. Today’s announcement reinforces AstraZeneca’s long-term commitment to diabetes, a core strategic area for us and an important platform for returning AstraZeneca to growth. I would like to extend a warm welcome to the Bristol-Myers Squibb people who are due to join us. My colleagues and I look forward to working with them.”

For the purposes of the UK Listing Authority’s Listing Rule LR 10.4.1 R (Notification of class 2 transactions), the fair value of gross assets acquired with the transaction is estimated to be $8.3 billion and, in view of the late stage development and launch phase of several of the products, an estimated reported pre-tax loss of $400 million was attributable to these assets in 2012.

The transaction is subject to customary terms and conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to become effective in January 2014.

Impairment charge
Bydureon® – acquired as part of the 2012 expansion of the diabetes alliance following the Bristol-Myers Squibb acquisition of Amylin – has delivered sales performance below AstraZeneca’s commercial expectations at that time. Accordingly, and although AstraZeneca continues to have confidence in the commercial future of Bydureon®, AstraZeneca will incur in 2013 a non-cash, non-Core, pre-tax impairment charge of approximately $1.7 billion. As the impairment is a non-Core charge, there is no impact on Core EPS for 2013. Furthermore, the impairment does not impact future cash flows.

 

[Anonymous]

Yes....we will all have the "Opportunity to join AZ", and "all employees from BMS and AZ will be treated fairly". Those are all warm and cozy phrases for "don't let the dust settle on the resume that you just posted to come over and launch an ESS team!

Coming from other places, I've seen those code words before. BEWARE.

 

[Anonymous]

I am on the cso side. What do you think will happen to us?

 

[Anonymous]

I am on the cso side. What do you think will happen to us?

Sorry, all signs point to CSO being first to go.

 

[Anonymous]

According to people familiar with the matter, Bristol-Myers Squibb is close to a deal worth more than $3 billion to divest its stake in a diabetes partnership with AstraZeneca, The Wall Street Journal reported Wednesday. In November, Bristol-Myers Squibb revealed that it was halting drug discovery in diabetes, leading to speculation that the drugmaker planned to exit the venture. According to the sources, an agreement could be reached as early as December 18.

What about packages