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.
- read the WSJ article