Press Release

Kirkland Represents Bristol-Myers Squibb on Multibillion-Dollar Transaction With AstraZeneca

Kirkland & Ellis LLP advised Bristol-Myers Squibb Company in connection with an agreement to sell its global diabetes business to its collaboration partner AstraZeneca. Under terms of the agreement, AstraZeneca will make an upfront payment of $2.7 billion to Bristol-Myers Squibb, with potential regulatory- and sales-based milestone payments of up to $1.4 billion and will make royalty payments based on net sales through 2025. In addition, AstraZeneca will make payments of up to $225 million if and when certain assets are subsequently transferred.

The Kirkland team was led by corporate partners Sean Rodgers and Joshua Zachariah, and included corporate partners David Fox, Daniel Wolf and associate Patrick Jacobs, all based in New York, and corporate partner Patrick Huard and associate Danielle Quinn, based in San Francisco.