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Article: Bristol-Myers Squibb to Share Diabetes Drug Rights with Merck.

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Knight Ridder/Tribune Business News
Article date:
April 29, 2004
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By Lewis Krauskopf, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News

Apr. 29--Bristol-Myers Squibb Co. said Wednesday it agreed to share rights to its promising diabetes drug with Merck & Co. for as much as $375 million, reflecting what CEO Peter Dolan described as a strategic shift.

The deal, which came as Bristol announced a 22 percent rise in first-quarter profits, means the two New Jersey companies will now jointly develop the clinical and marketing plans for Muraglitazar, now in the final phase of study, and share future costs. Both companies would promote the drug.

In recent years, Bristol has raked in money from ...

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