GSK to buy HIV drugs from Bristol-Myers Squibb

British pharmaceutical company GlaxoSmithKline said it would buy HIV drugs at different stages of development from U.S. 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.

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