December 13, 2008 |
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.
October 24, 2008 |
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.
August 5, 2008 |
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.
August 1, 2008 |
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.
December 18, 2007 |
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.
December 6, 2007 |
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.