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GSK to buy HIV drugs from Bristol-Myers Squibb

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 18 (Reuters) - British pharmaceutical company GlaxoSmithKline (Other OTC: GLAXF - news) said it would buy HIV drugs at different stages of development from U.S (Other OTC: UBGXF - news) . rival Bristol-Myers Squibb in a deal which would boost its ViiV Healthcare unit.

GSK said it would pay an initial $317 million to buy the late stage assets of Bristol-Myers's HIV research assets and $33 million for the preclinical and discovery stage assets, with both deals subject to further payments of over $500 million dependent on commercial milestones.

HIV treatment is one of the strongest parts of GSK's portfolio.

(Reporting by Sarah Young, Editing by Paul Sandle)