Bristol-Myers Squibb pleased to continue work with Otsuka

Bristol-Myers Squibb is “very pleased” to continue working with Otsuka on the drug Abilify, it has announced.

The former has agreed with the latter to extend the arrangement from November 2012 until April 2015 for the development and commercialisation of the treatment.

Lamberto Andreotti, president and chief operating officer at Bristol-Myers Squibb, asserted the agreement shows the company is committed to reach its goal of becoming a leading next-generation BioPharma company.

By expanding the current arrangements, it will help build the firm’s earnings base for 2013 and assist the growth of it in 2014 and beyond, he added.

“Our collaboration to develop this medicine that helps people with serious mental disorders has resulted in it becoming one of the industry?s most successful products,” Mr Andreotti commented.

The two companies will also work together in oncology, which will allow them to collate resources to help cancer patients.

Earlier this month, the Food and Drug Administration’s Endocrinologic and Metabolic Drugs Advisory Committee decided on a majority vote that Onglyza did not pose a significant risk of cardiovascular problems for patients with type two diabetes.

Pfizer is working with AstraZeneca on the medication.