|Published:||Oct 03, 2012 11:41 AM EDT|
|Updated:||Oct 04, 2012 6:32 AM EDT|
NEW YORK (AP) - Bristol-Myers Squibb Co. and Sanofi SA are restructuring their longtime partnership selling popular heart medications that now have widespread competition from generic versions - and plunging sales.
The two drugmakers made tens of billions of dollars over the last decade or so selling Plavix, a blood thinner that was long the world's second-best-selling drug. The companies also shared revenue from blood pressure drug Avapro and a related drug called Avalide that also includes a water pill.
The three medicines all got generic competition in the U.S. this spring. They already had generic rivals in other countries.
The new agreement would return to Sanofi all rights to sell the drugs in nearly all countries. Bristol-Myers would get some royalties from those sales and will continue to sell Plavix in the U.S.