Bristol-Myers says it's open to dealmaking in the cancer field

Bristol-Myers Squibb ($BMY) says it's on the lookout for new deals, but that its focus will be on snapping up experimental treatments still in development instead of commercial products already on the market, according to a Bloomberg story. Chief Financial Officer Charles Bancroft said in an interview with Bloomberg at the J.P. Morgan Healthcare Conference in San Francisco that it will continute to look for new deals despite two fruitless buyouts it made of Amylin Pharmaceuticals' diabetes products and Inhibitex's lead hepatitis C drug. In November, the drug giant said it would focus its efforts on cancer and stop its research programs in diabetes, hepatitis C and neuroscience. In a $4.1 million deal last month, Bristol sold off its diabetes partnership with AstraZeneca ($AZN). Story

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