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AstraZeneca invests £2.5bn in diabetes portfolio

Pharmaceutical giant AstraZeneca has agreed to buy out Bristol-Myers Squibb’s share of a joint venture to develop diabetes drugs.

AstraZeneca will pay about £1.25 billion for the share, plus the same amount again in additional regulatory and sales-related payments. It will then own the rights to a number of drugs to treat diabetes, including Onglyza, Kombiglyze and Byetta.

Pascal Soriot, chief executive of AstraZeneca, said in a statement: “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.”

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