From Bristol-Myers Squibb:

Bristol-Myers Squibb Completes Previously Announced Sale of its HIV R&D Portfolio to ViiV Healthcare

Monday, February 22, 2016 10:45 am EST

PRINCETON, N.J.--(BUSINESS WIRE)--Bristol-Myers Squibb Company (NYSE:BMY) today 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.

Bristol-Myers Squibb received from ViiV Healthcare a payment of $350 million in connection with the closing. Under the terms of the transaction agreements, Bristol-Myers Squibb 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 Bristol-Myers Squibb’s marketed HIV medicines, including Reyataz, Evotaz, Sustiva and Atripla. Bristol-Myers Squibb remains committed to the commercialization of these products and to those patients who rely on these medicines.

About Bristol-Myers Squibb

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information about Bristol-Myers Squibb, visit us at BMS.com or follow us onLinkedIn, Twitter, and YouTube.

Bristol-Myers Squibb Forward Looking Statement

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding the research, development and commercialization of pharmaceutical products. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb's business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb's Annual Report on Form 10-K for the year ended December 31, 2015, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.