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News Summary: Bristol-Myers, Sanofi alter alliance

The Associated Press
Wednesday, 3 Oct 2012 | 3:18 PM ET

NEW DEAL: Bristol-Myers Squibb and France's Sanofi are revamping their longtime partnership marketing some of their best-selling medications, blood thinner Plavix and blood pressure drugs Avapro and Avalide.

THE TIMING: All three drugs got generic competition in the U.S. in the spring. The billions of dollars in annual sales they had generated for years is quickly shrinking.

THE TERMS: Bristol-Myers will keep selling Plavix in the U.S. through December 2019. Sanofi will handle nearly all other sales of the three drugs through 2018 and will give Bristol-Myers royalties from that revenue, plus a one-time payment of $200 million.

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