BMS divests HIV pipeline to ViiV

Bristol-Myers Squibb Co. (NYSE:BMY) said it will divest its discovery-stage, preclinical and clinical HIV assets to ViiV Healthcare, an HIV-focused JV majority-owned by GlaxoSmithKline plc (LSE:GSK; NYSE:GSK). The companies struck separate deals for late and early stage assets.

BMS will receive $317 million up front in the deal for the late-stage assets and is eligible for $518 million in development and regulatory milestones, plus tiered royalties. For each asset, BMS is eligible for $750 million in commercial milestones. ...