French drug giant Sanofi (SNY,SNYNF) and Bristol-Myers Squibb Co. (BMY) have restructured their long-term alliance following the loss of exclusivity of Plavix and Avapro/Avalide in major markets.
Pursuant to the revised agreement, which is effective from January 1, 2013, Bristol-Myers would return to Sanofi its rights to Plavix and Avapro/Avalide in all global markets with the exception of Plavix in the U.S. and Puerto Rico, thereby giving Sanofi sole control and freedom to operate commercially. In turn, Bristol-Myers would receive royalty payments on Sanofi's sales of branded and unbranded Plavix worldwide, excluding the U.S. and Puerto Rico, and on sales of branded and unbranded Avapro/Avalide on a global basis, in each case through 2018, and would also receive a terminal payment of $200 million from Sanofi in December 2018.
Plavix rights in the U.S. and Puerto Rico would continue unchanged as per the existing deal through December 2019, the company added.
As part of the agreement ongoing disputes between the companies regarding the alliance have been resolved. The resolution of these disputes includes various commitments by both companies, comprising a $80 million one-time payment by Bristol-Myers to Sanofi relating to the Avalide supply disruption in the U.S. in 2011.
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