AstraZeneca and Bristol-Myers grabbed a win in the EU today for one of the drugs sprung from their diabetes treatment partnership. But the recommended approval comes even as questions have bubbled up about the future of that relationship.
Last week, Bristol-Myers Squibb said it would jettison some research programs, lay off workers and generally reorganize R&D. Now, CEO Lamberto Andreotti is rejigging the commercial side of the business. In the shuffle, current commercial chief Beatrice Cazala will be shunted aside, with current U.S. President Giovanni Caforio taking her place.
When Bristol-Myers Squibb reported earnings last week, it seemed fully committed to AstraZeneca and their multibillion-dollar diabetes joint venture. Sales growth there helped make up for hundreds of millions lost to generic competition. But now, Bristol-Myers says it's getting out of the diabetes discovery business. Will the company back away from its diabetes partnership next?
Bristol-Myers Squibb joined the lineup of biopharma companies executing R&D realignments today, announcing plans to cut back on some of its discovery work in three key disease areas and eliminate 70 to 75 positions in its R&D group as it concentrates resources on late-stage programs.
In a notable first, Bristol-Myers Squibb has filed a combination of daclatasvir and asunaprevir for approval to treat hepatitis C in Japan--the first all-oral combo in a regulatory package that excludes interferon.
Bristol-Myers Squibb's little-discussed rheumatoid arthritis drug clazakizumab posted strong results in a mid-stage study, meeting its endpoints, notching promising remission data and stirring hopes that the treatment can compete with AbbVie's blockbuster Humira.
Bristol-Myers Squibb has added a few more brushstrokes to the very promising picture that's emerging from early-stage studies of nivolumab, a top PD-1 checkpoint receptor inhibitor billed as a major breakthrough in cancer drug research.
A former Bristol-Myers Squibb executive could have walked out of a courtroom yesterday facing more than three years in prison for insider trading. But he was sentenced to one year and one day behind bars after pleading guilty to profiting off private information about Bristol-Myers M&A action.
When Bristol-Myers Squibb wanted to take over a company, execs turns to Robert Ramnarine in their Princeton, NJ, office to do the confidential due diligence work on the target company's pension plan.
Bristol-Myers Squibb's third-quarter results amount to a good-news, bad-news report. On the positive side, international sales were up 18%, driving an overall increase of 9%. Its diabetes portfolio took a big step forward, with sales of $411 million, a year-over-year increase from $253 million. Plus, cancer drugs shone, as the melanoma drug Yervoy delivered an impressive 33% increase, continuing its quick vault toward blockbuster territory. Overall, Q3 results topped analyst estimates.