Drug giant GlaxoSmithKline has reached a deal to acquire Bristol-Myers Squibb’s HIV portfolio.
GSK will pay $350 million up front and could pay an additional $1 billion depending on developmental and sales milestones.
GSK did the deal through its subsidiary ViiV Healthcare, a HIV specialty company established by GlaxoSmithKline and Pfizer in 2009.
It is actually two separate deals — one to buy BMS’s late-stage HIV assets and another to buy assets earlier in the developmental pipeline. The deals should close independently during the first half of 2016.