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Bristol-Myers eyes major acquisitions says James Cornelius!
By Amarendra Bhushan for CEOWORLD Magazine Updated:April 10, 2009
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With $9 billion in cash in hand, New York drug maker Bristol-Myers Squibb Co. is looking to do six or seven additional partnerships or acquisitions Chief Executive James Cornelius said. “There’s no urgency to put a ‘for sale’ sign out there, but I’m also cognizant of shareholder value,” he said.
Its biggest-selling drugs include anticlotting drug Plavix, hypertension medicine Avapro, cancer treatment Erbitux and the psychiatric drug Abilify.
Big question raised by him was What do we want to do and can we be successful?
* Pfizer Inc. announced a $68 billion deal for Wyeth to create what will be be the industry’s largest company by market value
* Since the end of 2007, Bristol-Myers has bought, licensed or partnered with seven companies
* Merck & Co. agreed to buy Schering-Plough Corp. for $41 billion
* Roche Holding AG recently completed its purchase of shares of Genentech Inc. for nearly $47 billion.
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