Bristol-Myers Squibb Co. has established a collaboration with Pfizer Inc., sharing the risk on apixaban, an anticoagulant it's developing. In a separate agreement, the companies will also collaborate on the research, development and commercialization of a Pfizer discovery program.

Terms of the apixaban agreement include an upfront payment of $250 million by Pfizer to Bristol-Myers. Pfizer will fund 60% of all planned development costs effective Jan. 1 going forward, and Bristol-Myers will fund 40%. Bristol-Myers may also receive additional payments of up to $750 million based on development and regulatory milestones.

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