BMS to sell off company jets

Bristol-Myers Squibb is getting out of the transportation business. It's planning to shut down its aviation operation in Ewing, NJ, selling its four private aircraft and laying off 32 pilots and other air transportation employees. The move is "designed to reduce corporate overhead" as part of Bristol's overall cost-cutting program, a spokeswoman said.

On the block will be two Gulfstream jets and two Sikorsky helicopters. BMS also will vacate its Trenton-Mercer airport hangar. Experts told the Star-Ledger that the jets could bring $40 million each and the helicopters $6 million a pop.

Now, the question is whether Bristol's neighbors at that airport will follow the company's lead. Pfizer, Johnson & Johnson and Merck all have aviation operations there.

- read the story in the Star-Ledger
- check out the Pharmalot post

ALSO: Who else is spending big bucks on private jets? Check out this list of the top 17 paychecks in Big Pharma to find out. Report

Related Articles:
BMS inks $710M development deal with PDL
ImClone builds case for higher takeover bid
Analysts: BMS lowballing ImClone