During Bristol-Myers Squibb's Q3 earnings call yesterday, CEO Jim Cornelius (photo [1]) 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.
- read the WSJ article [2]
Related Articles:
Bristol-Myers to buy Medarex for $2.1B [3]
Is BMS eyeing Elan? [4]
BMS rakes in $720M on Mead IPO [5]
NYT article considers Bristol-Myers strategy [6]
Links:
[1] http://www.fiercepharma.com/special-reports/bmss-james-cornelius-ceo-pay
[2] http://blogs.wsj.com/health/2009/10/22/buy-sell-more-wheeling-dealing-from-bristol-myers-ceo/?mod=smallbusiness
[3] http://www.fiercebiotech.com/story/bristol-myers-buy-medarex-2-1b-cash/2009-07-23
[4] http://www.fiercepharma.com/story/bms-eyeing-elan/2009-06-01
[5] http://www.fiercepharma.com/story/bristol-rakes-720m-mead-ipo/2009-02-11
[6] http://www.fiercepharma.com/story/nyt-article-considers-bristol-myers-strategy/2009-01-28