BMS completes sale of HIV R&D portfolio to Viiv HealthCare

Bristol-Myers Squibb Company announced that it has completed the previously announced sale of its HIV R&D portfolio to ViiV Healthcare, which includes a number of programs at different stages of discovery, preclinical and clinical development. BMS received from ViiV Healthcare a payment of $350 million in connection with the closing. Under the terms of the transaction agreements, BMS will also receive from ViiV Healthcare potential development and regulatory milestone payments of up to $518 million for the clinical assets, and up to $587 million for the discovery and pre-clinical programs. If and when products are approved and commercialized, ViiV Healthcare will pay tiered royalties. Additionally, ViiV Healthcare will pay sales-based milestone payments of up to $750 million for each of the clinical assets and up to $700 million for each of the discovery and pre-clinical programs.The agreements with ViiV Healthcare do not impact BMS �s marketed HIV medicines, including Reyataz, Evotaz, Sustiva and Atripla. BMSremains committed to the commercialization of these products and to those patients who rely on these medicines.