AstraZeneca agreed to acquire Bristol-Myers Squibb's stake in their diabetes joint venture for $2.7 billion upfront and up to $1.4 billion in potential milestone fees. Bristol, which could further receive up to $225 million if it agrees to take over certain assets, said it sees more promise in cancer, antiviral and specialty drugs. The acquisition will give AstraZeneca sole rights to several diabetes drugs, such as Onglyza and Forxiga.

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