BioPharma Credit gets BMS diabetes royalties
Debt investor BioPharma Credit plc (LSE:BPCR) acquired from Royalty Pharma (New York, N.Y.) half of its royalty streams on sales of diabetes products including Onglyza saxagliptin (BMS-477118, OPC-262) and Farxiga/Forxiga dapagliflozin. Royalty Pharma acquired the royalties from Bristol-Myers Squibb Co. (NYSE:BMY), which had partnered with AstraZeneca plc (LSE:AZN; NYSE:AZN) in 2007 to develop both drugs. AstraZeneca now markets both (see BioCentury, Dec. 23, 2013).
BioPharma Credit will pay half of Royalty’s obligations to BMS, expected to be $140-$160 million, and will receive royalties from 2020-25...
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