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.
September 29, 2007 |
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.
August 28, 2007 |
Pfizer Inc. and Bristol-Myers Squibb Co., facing cheaper generic competition to their bestselling drugs within four years, will team to develop medicines for diabetes and obesity. The collaboration focuses on a family of compounds known as DGAT-1 inhibitors, which block creation and storage of fat, the New York-based companies said Monday.