AstraZeneca PLC (AZN) Could Up Stake in Bristol-Myers Squibb Company (BMY) Diabetes JV
11/8/2013 7:57:57 AM
AstraZeneca may seek to increase its stake in a diabetes joint venture with Bristol-Myers Squibb, following a decision by the U.S. firm to exit diabetes drug research, according to Citi. Bristol said on Thursday it would no longer conduct research to discover new drugs for diabetes, hepatitis C and neuroscience, but will increase spending on medicines that harness the immune system to fight cancer. That refocusing suggests Bristol could seek to sell its share in the non-U.S. part of the diabetes joint venture to its partner AstraZeneca, Citi analyst Andrew Baum said in a note on Friday.
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