SANOFI : and Bristol-Myers Squibb Announce Restructuring of Alliance Agreement
10/03/2012| 01:23am US/Eastern
Recommend:
PRESS RELEASE
Sanofi and Bristol-Myers Squibb Announce
Restructuring of Alliance Agreement
- Revised Agreement Simplifies Alliance by Streamlining
Operational
Responsibilities Consistent with Each Company's Strategic
Priorities -.
Paris, France, and New York, NY- October 3, 2012 -
Sanofi (EURONEXT: SAN and NYSE: SNY) and Bristol-Myers Squibb
Company (NYSE: BMY) today announced they have restructured
their successful long-term alliance following the loss of
exclusivity of Plavix and Avapro/Avalide in many major
markets.
Under the terms of the revised agreement, which will go into
effect January 1, 2013, Bristol- Myers Squibb will return to
Sanofi its rights to Plavix and Avapro/Avalide in all markets
worldwide with the exception of Plavix in the U.S. and Puerto
Rico, giving Sanofi sole control and freedom to operate
commercially. In exchange, Bristol-Myers Squibb will receive
royalty payments on Sanofi's sales of branded and unbranded
Plavix worldwide, excluding the U.S. and Puerto Rico, and on
sales of branded and unbranded Avapro/Avalide worldwide, in
each case through 2018, and will receive a terminal payment
of U.S. $200 million from Sanofi in December 2018. Plavix
rights in the U.S. and Puerto Rico will continue unchanged
under the terms of the existing agreement through December
2019.
"Bristol-Myers Squibb and Sanofi have had a long and
successful collaboration helping patients with cardiovascular
disease," said Lamberto Andreotti, Chief Executive Officer,
Bristol-Myers Squibb. "This revised agreement simplifies
operations and supports Bristol- Myers Squibb's ability to
focus on delivering our promising, innovation-driven R&D
portfolio and setting the foundation for future success."
"Our alliance with Bristol-Myers Squibb has been extremely
successful and value-generating for both partners," said
Hanspeter Spek, President, Global Operations, Sanofi. "The
revised agreement further supports Sanofi's strategic
priorities while continuing to offer the clinical benefits of
these well-established products to millions of patients
around the world."
In addition, under the terms of the agreement ongoing
disputes between the companies related to the alliance have
been resolved. The resolution of these disputes includes
various commitments by both companies, including a one-time
payment of $80 million by Bristol- Myers Squibb to Sanofi in
relation to the Avalide supply disruption in the U.S. in
2011.
About Sanofi
Sanofi, a global and diversified healthcare leader,
discovers, develops and distributes therapeutic solutions
focused on patients' needs. Sanofi has core strengths in the
field of healthcare with seven growth platforms: diabetes
solutions, human vaccines, innovative drugs, consumer
healthcare, emerging markets, animal health and the new
Genzyme. Sanofi is listed in Paris (EURONEXT: SAN) and in New
York (NYSE: SNY).
1/2
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global biopharmaceutical company
whose mission is to discover, develop and deliver innovative
medicines that help patients prevail over serious diseases.
For more information, please visit www.bms.com or follow us
on Twitter at http://twitter.com/bmsnews.
Forward Looking Statements
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements are statements
that are not historical facts. These statements include
projections and estimates and their underlying assumptions,
statements regarding plans, objectives, intentions and
expectations with respect to future financial results,
events, operations, services, product development and
potential, and statements regarding future performance.
Forward-looking statements are generally identified by the
words "expects", "anticipates", "believes", "intends",
"estimates", "plans" and similar expressions. Although
Sanofi's management believes that the expectations reflected
in such forward-looking statements are reasonable, investors
are cautioned that forward-looking information and statements
are subject to various risks and uncertainties, many of which
are difficult to predict and generally beyond the control of
Sanofi, that could cause actual results and developments to
differ materially from those expressed in, or implied or
projected by, the forward-looking information and statements.
These risks and uncertainties include among other things, the
uncertainties inherent in research and development, future
clinical data and analysis, including post marketing,
decisions by regulatory authorities, such as the FDA or the
EMA, regarding whether and when to approve any drug, device
or biological application that may be filed for any such
product candidates as well as their decisions regarding
labelling and other matters that could affect the
availability or commercial pote ntial of such product
candidates, the absence of guarantee that the product
candidates if approved will be commercially successful, the
future approval and commercial success of therapeutic
alternatives, the Group's ability to benefit from external
growth opportunities, trends in exchange rates and prevailing
interest rates, the impact of cost containment policies and
subsequent changes thereto, the average number of shares
outstanding as well as those discussed or identified in the
public filings with the SEC and the AMF made by Sanofi,
including those listed under "Risk Factors" and "Cautionary
Statement Regarding Forward-Looking Statements" in Sanofi's
annual report on Form 20-F for the year ended December 31,
2011. Other than as required by applicable law, Sanofi does
not undertake any obligation to update or revise any
forward-looking information or statements.
Contacts :
Sanofi Media Relations Sanofi Investor Relations
Marisol Péron Sébastien Martel
+ (33) 1 53 77 45 02 + (33) 1
53 77 45 45 mr@sanofi.com
ir@sanofi.com
Bristol-Myers Squibb Bristol-Myers Squibb Investor Relations
Jennifer Fron Mauer John Elicker
+ (1) 609 252 6579 + (1) 609 252 4611
Jennifer.mauer@bms.com
john.elicker@bms.com
2/2
distributed by
|
|
Recommend :
