AstraZeneca has completed the acquisition of the entirety of Bristol-Myers Squibb’s interest in the companies’ diabetes alliance.

In December last year, the news about the acquisition were announced and on February 1 2014 the deal was completed. According to the agreement, AstraZeneca gets ownership of the intellectual property and global rights for the development, manufacture and commercialisation of the diabetes business, which includes Onglyza, Kombiglyze, Komboglyze, dapagliflozin, Xigduo, Byetta, Bydureon, metreleptin and Symlin.

AstraZeneca paid Bristol-Myers Squibb $2.7 billion of initial consideration. Furthermore, AstraZeneca has also agreed to pay up to $1.4 billion in regulatory, launch and sales payments, and various sales-related royalty payments up until 2025, $600 million of which relates to the approval of Farxiga in the US. In addition, AstraZeneca may make payments of up to $225 million when certain assets are subsequently transferred.