Drugmaker Bristol-Myers Squibb sold off its diabetes business to partner AstraZeneca on Thursday, shedding a troubled acquisition while advancing its strategy to become a more specialized biopharma company. Its stock hit a 12-year high, closing up 2.3% at 53.82. AstraZeneca (AZN) agreed to pay $2.7 billion upfront for the assets, which include marketed drugs such as Bydureon, Byetta and Onglyza, as well as make $1.4 billion in regulatory and
British drug giant AstraZeneca (AZN) agreed to buy full ownership of the diabetes program it’s been sharing with Bristol-Myers Squibb (BMY), thus ending Bristol’s attempt at being a diabetes powerhouse. Both stocks were up on the stock market today. AstraZeneca agreed to pay $2.7 billion upfront for the assets, which include several marketed drugs such as Bydureon, Byetta and Onglyza, as well as $1.4 billion in regulatory and milestone payments
Cubist Pharmaceuticals (CBST) reported good results from a late-stage trial of its new antibiotic Monday morning, sending Cubist stock gapping up 5.5% on the stock market today. The trial compared ceftolozane/tazobactam, known in the industry as tol/taz, to meropenem (sold by AstraZeneca (AZN) as Monan or Meronem) in patients with complicated intra-abdominal infections (cIAI). The company said the trial met its primary endpoint of showing