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AstraZeneca PLC (AZN) Terminates Diabetes Partnership With BTG plc (BGC.L); Unlikely Contingent Payment will be Made to Shareholders


5/16/2011 8:22:37 AM

British pharmaceutical group BTG (BGC.L) said partner AstraZeneca (AZN.L) had terminated the development of a diabetes drug, leaving some ex-shareholders of BTG's recently acquired Biocompatibles out of pocket. As part of BTG's 177 million pounds ($287.7 million) buy of oncology specialist Biocompatibles in January, shareholders were offered a right to a potential 0.56 euros per share instead of 10 pence cash, should Astra decide to exercise its option to enter a licence deal for the type 2 diabetes compound, known as CM-3.

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