The two drugmakers agreed to work together to develop and sell an experimental drug, called apxiaban, which would be used to prevent blood clots. Moreover, Pifzer and Bristol-Myers will also attempt to develop drugs to treat diabetes and obesity.

Under the terms, Bristol-Myers will receive an upfront payment of $250 million from Pfizer for apixaban. In clinical trials, the drug has reduced rates of death and clots in the legs and lungs of patients who have undergone orthopedic surgery, compared with standard treatments. Another $750 million may be paid based on development and regulatory milestones.

This is the second time in recent months that Bristol has turned to another big drugmaker to strike a development deal. In January, the company reached a $1 billion deal with AstraZeneca to develop diabetes drugs. Like AstraZeneca, Pfizer’s pipeline is running dry and is scouring for deals - licensing and acquistions - to rebound.

Further reading…
Reuters;
Bristol-Myers statement.[tags]Bristol-Myers Squibb, Pfizer[/tags]