BMS on the prowl for deals

October 23, 2009 | By Maureen Martino

During Bristol-Myers Squibb's Q3 earnings call yesterday, CEO Jim Cornelius (photo) said the company has over $1.3 billion in its coffers to finance more deals with small drug developers. That's despite it's recent buyout of Medarex for $2.1 billion. The company will "continue to aggressively pursue acquisitions, licensing deals and other partnerships," promised Cornelius.

BMS could get an additional $1.7 billion when its former subsidiary Mead Johnson closes on some debt refinancing. Mead stock is up 77 percent since its IPO earlier this year.

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