AstraZeneca has completed its acquisition of Bristol-Myers Squibb’s interest in their joint diabetes venture.

The deal gives the Anglo-Swedish drugmaker full ownership of a portfolio including Onglyza (saxagliptin), Kombiglyze (saxagliptin/metformin) and Forxiga/Farxiga (dapagliflozin) as well as Xigduo (dapagliflozin/metformin). It also includes three treatments purchased through the acquisition last year of Amylin - Byetta (exenatide), Bydureon (extended-release exenatide) and Symlin (pramlintide) and the lipodystrophy drug metreleptin.

Cashwise, AstraZeneca has initially forked out $2.7 billion and has also agreed to pay up to $1.4 billion in regulatory, launch and sales payments, and various sales-related royalties up until 2025. $600 million of that relates to the approval of Farxiga in the USA and in addition, AstraZeneca may make payments of up to $225 million when certain assets are transferred.

The deal covers the former Amylin manufacturing facility in West Chester, Ohio, and the future purchase of B-MS' Mount Vernon, Indiana manufacturing facility, no earlier than 18 months following the closing date. The closing of the transaction as it relates to China remains subject to the satisfaction of conditions concerning the partners in the Sino-American Shanghai Squibb Pharmaceutical Co.

AstraZeneca chief executive Pascal Soriot said that: “I extend a warm welcome to our new colleagues and I’m delighted with the speed at which we’ve completed the acquisition". He added that "under a single leadership, we will maximise the potential of our innovative portfolio of non-insulin anti-diabetic medicines, bringing fresh momentum to our growth ambitions for this franchise".