Bristol-Myers Squibb

Bristol-Myers Squibb Company
Public company
Traded as
Industry Pharmaceuticals
Founded 1887, merger 1989
Headquarters 345 Park Avenue
New York, New York, United States
Key people
 Dr. Giovanni Caforio, CEO
Revenue Decrease US$16.56 billion (2015)
Decrease US$1.57 billion (2015)
Total assets Decrease US$31.75 billion (2015)
Total equity Decrease US$14.27 billion (2015)
Number of employees
 25,000 (December 2015) [1]
Website www.bms.com

Bristol-Myers Squibb, often referred to as BMS, is an American pharmaceutical company, headquartered in New York City.

Bristol-Myers Squibb manufactures prescription pharmaceuticals in several therapeutic areas, including cancer, HIV/AIDS, cardiovascular disease, diabetes, hepatitis, rheumatoid arthritis and psychiatric disorders. Its mission is to "discover, develop and deliver innovative medicines that help patients prevail over serious diseases."

BMS' primary R&D sites are located in Lawrence Township, New Jersey (formerly Squibb, near Princeton) and Wallingford, Connecticut (formerly Bristol-Myers); with other sites in East Syracuse, New York; Hopewell and New Brunswick, New Jersey; and in Swords, Ireland; Braine-l'Alleud, Belgium; Tokyo, Japan; and Bangalore, India.[2]

History

Squibb

The Squibb corporation was founded in 1858 by Edward Robinson Squibb in Brooklyn, New York. Squibb was known as a vigorous advocate of quality control and high purity standards within the fledgling pharmaceutical industry of his time, at one point self-publishing an alternative to the U.S. Pharmacopeia (Squibb's Ephemeris of Materia Medica) after failing to convince the American Medical Association to incorporate higher purity standards. Mentions of the Materia Medica, Squibb products, and Edward Squibb's opinion on the utility and best method of preparation for various medicants are found in many medical papers of the late 1800s.[3][4][5][6][7][8] Squibb Corporation served as a major supplier of medical goods to the Union Army during the American Civil War, providing portable medical kits containing morphine, surgical anesthetics, and quinine for the treatment of malaria (which was endemic in most of the eastern United States at that time).[9]

Bristol-Myers

In 1887, Hamilton College graduates William McLaren Bristol and John Ripley Myers purchased the Clinton Pharmaceutical company of Clinton, New York. In 1898, they decided to rename it Bristol, Myers and Company. Following Myers' death in 1899, Bristol changed the name to the Bristol-Myers Corporation. The first nationally recognized product was Sal Hepatica, a laxative mineral salt in 1903. Its second national success was Ipana toothpaste, from 1901 through the 1960s.[10]

In 1943, Bristol-Myers acquired Cheplin Biological Laboratories, a producer of acidophilus milk in East Syracuse, New York, and converted the plant to produce penicillin for the World War II Allied forces. After the war, the company renamed the plant Bristol Laboratories in 1945 and entered the civilian antibiotics market, where it faced competition from Squibb, which had opened the world's largest penicillin plant in 1944 in New Brunswick, New Jersey.[10][11] Penicillin production at the East Syracuse plant was ended in 2005, when it became less expensive to produce overseas, but the facility continues to be used for the manufacturing process development and production of other biologic medicines for clinical trials and commercial use.[12]

Merger

Bristol-Myers and Squibb were merged to form Bristol-Myers Squibb in 1989.

In 1999, President Clinton awarded Bristol-Myers Squibb the National Medal of Technology, the nation's highest recognition for technological achievement, "for extending and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical study through groundbreaking and hugely complex clinical trials that are recognized models in the industry."

2000 to 2010

The company was involved in an accounting scandal in 2002 that resulted in a significant restatement of revenues from 1999 to 2001. The restatement was the result of an improper booking of sales related to "channel stuffing" as the practice of offering excess inventory to customers to create higher sales numbers. The company has since settled with the United States Department of Justice and Securities and Exchange Commission, agreeing to pay $150 million while neither admitting nor denying guilt.[13] In 2002, the company was involved in a lawsuit of maintaining illegally a monopoly on Taxol, its cancer treatment, and it was again sued for the antitrust lawsuit 5 years later, which cost the company $125 million for settlement.[14] On October 24, 2002, Bristol-Myers Squibb Co. restated earnings downward for parts of 2000 and 2001 while revising this year's earnings upward because of its massive inventory backlog imbroglio that spurred two government investigations.[15] On March 15, 2004, Bristol-Myers Squibb Co. adjusted upward its fourth-quarter and full-year 2003 results after reversing an earlier decision about how to deal with accounting errors made in prior years.[16] As part of a Deferred Prosecution Agreement, the company was placed under the oversight of a monitor appointed by the U.S. Attorney in New Jersey. In addition, the former head of the Pharma group, Richard Lane, and the ex-CFO, Fred Schiff, were indicted for federal securities violations.An investigation of the company was made public in July 2006, and the FBI raided the company's corporate offices. The investigation centered on the distribution of Plavix and charges of collusion.[17] On September 12, 2006, the monitor, former Federal Judge Frederick B. Lacey, urged the company to remove then CEO Peter Dolan over the Plavix dispute. Later that day, BMS announced that Dolan would indeed step down.[18] The Deferred Prosecution Agreement expired in June 2007 and the Department of Justice did not take any further legal action against the company for matters covered by the DPA. Under CEO Jim Cornelius, who was CEO following Dolan until May 2010, all executives involved in the "channel-stuffing" and generic competition scandals have since left the company. In 2009, a major restructuring involves focusing on the pharmaceutical business and biologic products, along with productivity initiatives and cost-cutting and streamlining business operations through a multi-year program of on-going layoffs. As another cost-cutting measure Bristol-Myers also reduced subsidies for health-care to retirees and plans to freeze their pension plan at the end of 2009. In August, BMS acquired the biotechnology firm Medarex as part of the company's "String of Pearls" strategy of alliances, partnerships and acquisitions.[19] In November, Bristol-Myers Squibb announced that it was "splitting off" Mead Johnson Nutrition by offering BMY shareholders the opportunity to exchange their stock for shares in Mead Johnson. According to Bristol-Myers Squibb, this move was expected to further sharpen the company's focus on biopharmaceuticals. BMS is a Fortune 500 Company (#114 in 2010 list). Newsweek's 2009 Green Ranking recognized Bristol-Myers Squibb as 8th among 500 of the largest United States corporations. Also, BMS was included in the 2009 Dow Jones Sustainability North America Index of leading sustainability-driven companies. In October 2010, the company acquired ZymoGenetics, securing an existing product as well as pipeline assets in hepatitis C, cancer and other therapeutic areas. Lamberto Andreotti was named CEO this year; he had previously served as "president and COO responsible for all pharmaceutical operations worldwide."[20]

2011 onward

Bristol-Myers Squibb agreed to pay around $2.5 billion in cash to buy Inhibitex Inc. in attempt to compete with Gilead/Pharmasset to produce Hepatitis C drugs. The settlement will be finished in 2 months for its Inhibitex's shareholders acceptance of 126 percent premium price of its price over the previous 20 trading days ended at January 6.[21] On June 29, Bristol-Myers Squibb extended its portfolio of diabetes treatments when it agreed to buy Amylin Pharmaceuticals Inc for around $5.3 billion in cash and will pay $1.7 billion to Eli Lilly to cover Amylin's debt and its obligations to Eli Lilly from ending the collaboration with Amylin. Astra Zeneca, who already collaborates on several diabetes treatments with BMS, will pay $3.4 billion in cash for the rights to develop Amylin's products.[22]

Citing major developments and a market capitalization of US$87 billion and stock appreciation of 61.4%, Bristol-Myers Squibb was ranked as the best drug company of 2013 by Forbes Magazine.[23]

In April 2014, BMS announced its acquisition of iPierian for up to $725 million.[24] In December the company received FDA approval for the use of the PD-1 inhibitor nivolumab (Opdivo) in treating patients whose skin cancer cannot be removed or have not responded to previous drug therapies.[25] In February 2015, the company acquired Flexus Biosciences for $1.25 billion as well as initiating a research partnership with Rigel Pharmaceuticals which could generate more than $339 million. As part of the deal with Flexus, BMS will gain full rights to Flexus' lead small molecule IDO1-inhibitor, F001287.[26] In March, the company obtained an exclusive opportunity to both licence and commercialise PROSTVAC, Bavarian Nordic's phase III prostate specific antigen targeting cancer immunotherapy. Bavarian Nordic will receive an upfront payment of $60 million as well as incremental payments up to $230 million, if the overall survival of test patients exceeds that seen in Phase II tests. Bavarian could also receive milestone payments of between $110 million and $495 million, dependent on regulatory authorization, and these payments have the potential to total up to $975 million.[27]

In May 2015, Dr. Giovanni Caforio became CEO of the company;[28] Caforio was formerly the company's COO and succeeded Andreotti upon his retirement.[20] Andreotti subsequently succeeded James Cornelius as executive chairman upon his retirement.[20] In November, the company acquired the cardiovascular disease drug developer Cardioxyl for up to $2.075 billion. The deal strengthens the BMS' critical pipelines with the phase II candidate for acute decompensated heart failure, CXL-1427.[29]

In March 2016, the company announced it would acquire Padlock Therapeutics for up to $600 million.[30] In early July, the company announced it would acquire Cormorant Pharmaceuticals for $520 million, boosting BMS' onclogy offering through Cormorants monoclonal antibody targeted against interleukin-8.[31]

In late February 2017, the Wall Street Journal and Fortune - among others - reported that activist investor, Carl Icahn, had taken a stake in the company, signalling a potential future takeover[32][33] from the likes of Gilead Sciences.[34] In August the company acquired IFM Therapeutics for $300 million upfront, with contingency payments of $1.01 billion due on certain milestones - allowing BMS to better compete against Merck & Co's cancer rival treatment, Keytruda.[35]

Acquisition history

The following is an illustration of the company's major mergers and acquisitions and historical predecessors (this is not a comprehensive list):

Bristol-Myers Squibb





















Bristol-Myers Squibb


Squibb Corporation
(Founded 1858)

Bristol-Myers
(Founded 1887)

Otsuka Pharmaceutical Co.
(Acq 1976)

Janssen Pharmaceutica
(Acq 1999)


Adnexus Therapeutics[36]
(Acq 2007)


Bristol-Myers Squibb Medical Imaging[37]
(Sold to Avista Capital Partners 2007)


ConvaTec[38]
(Sold to Avista Capital Partners & Nordic Capital Fund VII 2008)


Kosan Biosciences[39]
(Acq 2008)


Medarex
(Acq 2009)


Mead Johnson
(Spun off 2009)


ZymoGenetics
(Acq 2010)


Amira Pharmaceuticals[40]
(Acq 2011)


Inhibitex Inc
(Acq 2012)


Amylin Pharmaceuticals
(Acq 2012 jointly with AstraZeneca)


iPierian
(Acq 2014)


Flexus Biosciences
(Acq 2015)


Cardioxyl
(Acq 2015)


Padlock Therapeutics
(Acq 2016)


Cormorant Pharmaceuticals
(Acq 2016)[31]


IFM Therapeutics
(Acq 2017)




Pharmaceuticals

The following is a list of key pharmaceutical products:[41]

Cardiovascular diseases

Diabetes mellitus

Infectious diseases, including HIV infection and associated conditions

Inflammatory disorders

Oncology

Psychiatry

Rheumatic disorders

Transplant rejection

Out of production

Divested brands

(Former Bristol-Myers brands, now divested)

Products under development

The following is a selective list of investigational products under development, as of 2015:[47]

See also

Notes and references

  1. ↑ "Bristol Myers Squibb 10-K report 2015". Securities and Exchange Commission. Retrieved November 6, 2016.
  2. ↑ "Bristol-Myers Squibb and Biocon's Syngene open new R&D Facility at Biocon Park". Retrieved May 16, 2012.
  3. ↑ Hollopeter, W.C. (January 8, 1885). "Inverse Type of Temperature in Typhoid Fever, with a Report of Two Cases — Temperature Peculiarities in Epidemics, with a Report of Seven Cases in One Family". Boston Medical and Surgical Journal (Later, NEJM). 112: 28–32. doi:10.1056/NEJM188308301090903. Retrieved 2014-11-25. The writer noticed (in December, 1882) the important fact that when common or Japan camphor and crystallized carbolic acid are mixed together and subjected to heat, a colorless liquid would be the result. The only reference he finds so far with regard to this reaction occurs in the very excellent and valuable scientific publication of Dr. E. R. Squibb, " Ephemeris of Materia Medica", etc., on page 673, vol. ii., No. 5, where a brief allusion appears under the appellation of Compound Alum Powder. Dr. F. R. Squibb, however, in a letter to the writer states that he has " several times before heard of this reaction between phenol and camphor.
  4. ↑ Bolles, William (August 30, 1883). "REPORT ON MATERIA MEDICA AND PHARMACY.". Boston Medical and Surgical Journal (Later, NEJM). 109: 195–196. doi:10.1056/NEJM188308301090903. Retrieved 2014-11-25. Dr. Squibb is publishing in his Ephemeris a long and careful criticism upon the new Pharmacopoeia, four installments of which have already appeared, and are full of sound observation, and rich in practical pharmaceutical knowledge.
  5. ↑ Worthen, Dennis (2003). "Edward Robinson Squibb (1819–1900): Advocate of Product Standards". Journal of the American Pharmacists Association. 46: 754–758. doi:10.1331/1544-3191.46.6.754. Retrieved 2014-11-25.
  6. ↑ Blake, J.B. (1899). "Administration of Ether at the Boston City Hospital". Boston Med Surg J (Now NEJM). 141: 312–314. doi:10.1056/NEJM189909281411303. Until within six months Squibb's other has been exclusively used at the Boston City Hospital. Recently .MeliiHTéift's ether has been tried, ¡uni has given fair satisfaction ; Squibb's is still preferred by most of the house officers.
  7. ↑ Brown, W.S. (1885). "Forty Year's Experience in Midwifery". Boston Medical and Surgical Journal (Later, NEJM). 112: 241. doi:10.1056/nejm188503121121101. One reason why ergot has fallen into disrepute is the poor quality of many specimens offered for sale. Dr. Squibb's aqueous extract rarely disappoints me.
  8. ↑ Blodgett, Albert (October 27, 1887). "Reports of Societies: Massachusetts Medical Society. Suffolk District. Section for Clinical Medicine, Pathology and Hygiene.". Boston Medical and Surgical Journal (Later, NEJM). 117: 408–413. doi:10.1056/NEJM188710271171706. Retrieved 2014-11-25. Dr. Farlow replied that he has had no trouble with any of the standard preparations of this drug, as manufactured by responsible firms. He mentioned Parke, Davis, & Co., Squibb, Metcalf, and a few others, whose preparations he had found to be reliable, and of uniform character.
  9. ↑ Smith. Medicines for the Union Army: the United States Army laboratories during the Civil War. Accessed 2014-11-25.
  10. 1 2 Bert Rosenbloom, Marketing Channels, Bristol-Myers Squibb, 2011, page 609
  11. ↑ "Bristol-Myers Squibb". Drugwatch. February 25, 2016. Retrieved November 14, 2016.
  12. ↑ Bristol-Meyers Squibb, Syracuse, New York
  13. ↑ "Bristol-Myers Squibb Company : Lit. Rel. No. 18822" (Press release). US Securities and Exchange Commission. August 6, 2004. Retrieved May 9, 2015. Bristol-Myers inflated its results primarily by: (1) stuffing its distribution channels with excess inventory near the end of every quarter in amounts sufficient to meet sales and earnings targets set by officers ("channel-stuffing")
  14. ↑ "Bristol hit with antitrust suit". CNN. June 4, 2002. Retrieved Jul 10, 2013.
  15. ↑ "Bristol-Myers to restate earnings as third quarter profits plunge".
  16. ↑ "Bristol-Myers restates results upward due to accounting errors".
  17. ↑ Business Report Archived 17 August 2007 at the Wayback Machine., July 31, 2006. Retrieved September 7, 2006. Archived at
  18. ↑ CNN.com, September 12, 2006. Retrieved September 12, 2006
  19. ↑ https://finance.yahoo.com/news/BristolMyers-Squibb-to-bw-571310065.html?x=0&.v=1
  20. 1 2 3 Staff (15 February 2015). "BMS CEO Andreotti to Retire; COO named as Successor". Genetic Engineering & Biotechnology News (paper). 35 (4). p. 6.
  21. ↑ "Bristol Buys Inhibitex for $2.5 Billion to Compete in Hepatitis". January 8, 2012.
  22. ↑ "Bristol-Myers to buy Amylin for about USD 5.3 billion". Reuters. June 30, 2012.
  23. ↑ Herper, Matthew (December 31, 2013). "Grading Pharma in 2013". Forbes.
  24. ↑ "Bristol-Myers to buy iPierian". Genetic ngineering & biotechnology news. April 29, 2014.
  25. ↑ Anna Edney (22 December 2014). "Bristol-Myers Drug Wins U.S. Approval to Treat Advanced Melanoma". Bloomberg.com.
  26. ↑ "GEN – News Highlights:BMS Deals Add to its Immuno-Oncology Portfolio". GEN.
  27. ↑ "Bavarian Nordic Could Tally up to $975 Million in Prostate Cancer Deal with BMS – GEN News Highlights – GEN". GEN.
  28. ↑ Johnson, Linda A. "New CEO Takes Over Evolving Drugmaker Bristol-Myers Squibb". ABC News. Retrieved 6 May 2015.
  29. ↑ "BMS to Buy Cardioxyl for Up to $2.075B". GEN.
  30. ↑ "BMS to Acquire Padlock Therapeutics for Up to $600M". GEN.
  31. 1 2 "BMS Snags Cormorant Pharmaceuticals for Up to $520M (online title: BMS Acquires Cormorant Pharmaceuticals for Up to $520M)". News: Industry Watch (online: GEN News Highlights). Genetic Engineering & Biotechnology News. 36 (14): 10. August 2016.
  32. ↑ "Bristol-Myers Squibb Shares Just Spiked on Reports of a Carl Icahn Stake". Fortune. Retrieved 23 May 2017.
  33. ↑ Benoit, David; Rockoff, Jonathan D. (22 February 2017). "Carl Icahn Takes Stake in Bristol-Myers Squibb". Retrieved 23 May 2017 – via www.wsj.com.
  34. ↑ "Making (good) deals is hard to do, Gilead CEO says, but he's working on it - FiercePharma". www.fiercepharma.com. Retrieved 23 May 2017.
  35. ↑ http://uk.reuters.com/article/us-ifm-therapeutics-m-a-bristol-myers-idUKKBN1AJ2Z1
  36. ↑ "Bristol-Myers Squibb to Acquire Adnexus Therapeutics". bms.com.
  37. ↑ "Avista Capital Partners Agrees to Acquire Bristol-Myers Squibb Medical Imaging for Approximately $525 Million". bms.com.
  38. ↑ "Nordic Capital Fund VII and Avista Capital Partners Agree to Acquire ConvaTec Business for approximately $4.1 Billion". bms.com.
  39. ↑ "Bristol-Myers Squibb to Acquire Kosan Biosciences". bms.com.
  40. ↑ "Bristol-Myers Squibb to Acquire Amira Pharmaceuticals". bms.com.
  41. ↑ "Selected Products of Bristol-Myers Squibb". © 2015 Bristol-Myers Squibb Company. Retrieved 30 May 2015.
  42. ↑ Johnson DB, Peng C, Sosman JA (2015). "Nivolumab in melanoma: latest evidence and clinical potential". Ther Adv Med Oncol. 7 (2): 97–106. PMC 4346215 Freely accessible. PMID 25755682. doi:10.1177/1758834014567469.
  43. ↑ "Generic Taxol Availability". drugs.com.
  44. ↑ "Bristol-Myers puts U.S. consumer brands on block - Jan. 12, 2005".
  45. ↑ "Bristol-Myers Squibb to Divest Three Consumer Brands". Bristol-Myers Squibb Company. 21 September 1998.
  46. ↑ "Bristol-Myers Squibb Plans To Divest U.S. And Canadian Consumer Medicines Business - Business Wire". 12 January 2005.
  47. ↑ "Bristol-Myers Squibb: the Pipeline". © 2015 Bristol-Myers Squibb Company. Retrieved 30 May 2015.
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