AstraZeneca pays $2.7 billion for diabetes stake

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LONDON (AP) — British drugmaker AstraZeneca PLC says it willpay $2.7 billion to buy out
Bristol-Myers Squibb Co.’s stake in theirpartnership to develop and sell diabetes drugs.The deal announced
Thursday also calls for up to $1.4 billion in regulatory, launch and sales related payments,AstraZenecasays
the deal will "consolidate worldwide ownership of the diabetesbusiness within AstraZeneca," and
extend its geographical reach,especially in emerging markets. AstraZeneca has described its work ondiabetes
as an important platform for returning the company to growth.It expects some 4,100 Bristol-Myers Squibb
employees working on diabetes issues will eventually transition to AstraZeneca.PascalSoriot, the chief
executive of AstraZeneca, says diabetes is becoming aglobal challenge of epidemic proportions that is
expected to affectmore than 550 million people by 2030.Copyright 2013 The Associated Press. All
rightsreserved. This material may not be published, broadcast, rewritten orredistributed.

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