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Bristol Myers Squibb Co

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BUSINESS
September 8, 1994 | From Times Staff and Wire Reports
EC to Allow Squibb to Buy French Firm: The European Commission said it will allow U.S. pharmaceuticals firm Bristol Myers Squibb Co. to buy the 55% of French pharmaceuticals firm UPSA that it doesn't already own. The commission, the executive body responsible for ensuring open competition in the 12-nation European Union, said the merger will not lead to Squibb gaining a dominant position in the medicines market.
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BUSINESS
November 30, 2010 | Stuart Pfeifer, Los Angeles Times
The AIDS Healthcare Foundation, a Los Angeles-based nonprofit that treats people with HIV and AIDS around the world, has filed a lawsuit accusing pharmaceutical giant Bristol-Myers Squibb Co. of overcharging for medication. In the lawsuit, filed in federal court in Los Angeles, the group accused Bristol-Myers of failing to follow federal law that limited the amount it could charge certain groups ? including charities treating people with HIV and AIDS. The lawsuit said Bristol-Myers overcharged the group more than $124,000 from January to June of this year.
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BUSINESS
January 28, 2009 | Times Wire Reports
Strong sales of blood thinner Plavix helped Bristol-Myers Squibb Co. post a sizable fourth-quarter profit. The New York-based maker of Abilify, for treatment of bipolar disorder, and Avapro, for high blood pressure, reported net income of $1.24 billion, or 63 cents a share. A year ago, it reported a loss of $89 million, or 5 cents a share, due to large charges for restructuring and losses from investments in subprime securities. Revenue increased 4% to $5.25 billion. Excluding several one-time items that amount to a gain of 17 cents, or about $340 million, fourth-quarter profit would have been 46 cents a share.
BUSINESS
November 9, 1994 | From Times Staff and Wire Reports
Bristol-Myers Squibb Halts Drug Trial: Bristol-Myers Squibb Co. said it halted a clinical trial of a heart drug, d-sotalol, after more patients taking the drug died than those taking a placebo. The New York-based drug company was testing the drug on heart attack victims at risk for cardiac arrhythmia, an abnormally fast heartbeat. Bristol-Myers said 54 of 1,373 patients given the drug died, compared to 28 of 1,389 placebo patients. The company is continuing other clinical trials of the drug.
BUSINESS
October 13, 1989
Jan Leschly has resigned as president of Squibb Corp., saying his personal goals "are not realistic" under the company's merger with Bristol-Myers Co. "The combination of the two companies makes it difficult for me personally to realize my own career objectives," said Leschly. "The near-term personal goals that I had hoped to achieve at Squibb as an independent company are not realistic within the same time frame with Bristol-Myers Squibb." Squibb, based in Princeton, N.J.
BUSINESS
September 1, 1990 | From Associated Press
Moving to broaden its business base in Europe, Bristol-Myers Squibb Co. has entered agreements to acquire a minority stake in UPSA Group and to develop the French company's non-prescription drug operations worldwide, the companies announced Friday. Bristol-Myers Squibb would have the opportunity to acquire the remaining shares of UPSA over the longer term under the agreements. Initially, an investment of an undisclosed amount of cash will give Bristol-Myers Squibb 33.56% of UPSA.
BUSINESS
September 29, 2007 | From the Associated Press
Bristol-Myers Squibb Co. and a former subsidiary have agreed to pay more than $515 million to settle federal and state investigations into their drug marketing practices. The civil settlement, which was announced Friday, resolves a broad array of allegations against Bristol-Myers Squibb that span from 1994 to 2005. Among them were allegations that the company illegally promoted the sale of antipsychotic drug Abilify for pediatric use and to treat dementia-related psychoses.
BUSINESS
October 7, 2006 | From Bloomberg News
Bristol-Myers Squibb Co. added a warning to the blood thinner Coumadin, saying the drug can cause "major or fatal" bleeding. A copy of the advice, outlined for emphasis in black on the information supplied with the drug, was posted on the Food and Drug Administration's website. Coumadin's generic name is warfarin sodium.
BUSINESS
December 13, 2008 | Bloomberg News
Bristol-Myers Squibb Co. and Sanofi-Aventis won an appeals court ruling Friday that will help them block generic competition to the blood thinner Plavix, the world's No. 2 selling-drug, in the U.S. until 2011. Bristol-Myers and Sanofi said that as a result of the ruling by a three-judge panel of the U.S. Court of Appeals for the Federal Circuit in Washington, they will seek reimbursement from Canadian drug maker Apotex Inc.
BUSINESS
October 24, 2008 | TIMES WIRE SERVICES
Bristol-Myers Squibb Co. said its third-quarter profit tripled, mainly because of a big gain from selling its high-tech wound-care business. In a bright spot for a pharmaceutical industry wrestling with slumping sales, the maker of blood thinner Plavix posted a double-digit sales jump, sharply boosted its profit forecast and paid off its debt. The New York-based company said net income for the quarter rose to $2.58 billion, or $1.29 a share, up from $858 million, or 43 cents, a year earlier.
BUSINESS
August 5, 2008 | From the Associated Press
ImClone Systems Inc.'s board of directors said Monday that cancer drug partner Bristol-Myers Squibb Co.'s $4.5-billion buyout offer "substantially undervalues" the company, with Chairman Carl Icahn personally against the deal. Despite calling the bid too low, ImClone stopped short of rejecting it and said its board formed a committee to weigh the offer. The board also said it was considering splitting the company into two units to focus on Erbitux and its developing pipeline separately.
BUSINESS
August 1, 2008 | From the Associated Press
Bristol-Myers Squibb Co. on Thursday offered $4.5 billion in cash for biotechnology company ImClone Systems Inc., saying the two, which are cancer drug partners, were "a natural fit." The proposal offers ImClone stockholders $60 a share, a 30% premium over the company's closing price of $46.44 on Wednesday. Bristol-Myers, the world's No. 14 drug maker by revenue, already owns about 17% of ImClone.
BUSINESS
February 1, 2008 | Martin Zimmerman, Times Staff Writer
Question: What does Bristol-Myers Squibb Co. make besides drugs? Answer: Bad investment decisions. The pharmaceutical company said Thursday that it was taking a $275-million write-off to reflect a sharp drop in the value of debt-related investments, including residential and commercial loans linked to sub-prime mortgages.
BUSINESS
December 18, 2007 | From Times Wire Services
Drug developer Bristol-Myers Squibb Co. said it would sell its medical imaging unit to private equity firm Avista Capital Partners for about $525 million. The unit makes and sells medical imaging products used in ultrasound and diagnostic procedures. It went on sale this month when the New York-based company announced restructuring moves.
BUSINESS
August 10, 2005 | From Bloomberg News
Gilead Sciences Inc. said a second attempt at combining its Truvada HIV drug into a single pill with Bristol-Myers Squibb Co.'s Sustiva failed, delaying an application for Food and Drug Administration approval until next year. Shares of Foster City, Calif.-based Gilead fell 4.7% in after-hours trading after closing at $42.68, up 57 cents.
BUSINESS
December 15, 2006 | From the Associated Press
Bristol-Myers Squibb Co. said it would submit at least one new cancer drug for approval next year and might file a total of three with the Food and Drug Administration. The company plans to file a marketing application on Ixabepilone for breast cancer next year. It will file applications on Ipilimumab for melanoma and Vinflunine for bladder cancer in late 2007 or 2008.
BUSINESS
December 6, 2007 | From the Associated Press
Pharmaceutical maker Bristol-Myers Squibb Co. said Wednesday that it would lay off about 4,300 employees and close more than half its manufacturing plants, part of a broad restructuring aimed at cost savings of $1.5 billion by 2010. The company, whose bestselling product is the anticoagulant Plavix, also lowered its 2007 earnings guidance and said it would spin off its medical imaging business.
BUSINESS
October 12, 2007 | From Bloomberg News
Bristol-Myers Squibb Co. strengthened the warning on its drug Definity, used to enhance heart images from ultrasound scans, after a U.S. inquiry into the medicine's safety. The new prescribing information, highlighted in a black box on the package insert and warning of the risk of "serious cardiopulmonary reactions," was posted Thursday on the Food and Drug Administration's website. The black box represents the agency's most serious safety caution.
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