Bristol-Myers Squibb is rolling up the Amylin tent in San Diego. After buying the smaller drugmaker last year, Bristol-Myers plans to shut down its former headquarters and lay off at least 400 workers.
It could have been worse. That's the general reaction to Eli Lilly's ($LLY) third-quarter results. The company fell short of analyst estimates, both on earnings and on sales. Generics lopped off 68% of Zyprexa's sales. Other key drugs didn't perform as expected, either.
Bristol-Myers Squibb's ($BMY) third quarter continues the generics-are-poison trend. The company saw sales drop by 30%--yes, 30%--as copycats siphoned off sales from its big-selling blood-pressure drugs Avapro and Avalide, and its even bigger clot-fighting treatment Plavix.
Bristol-Myers Squibb ($BMY) and AstraZeneca ($AZN) dispatching legions of sales reps to tout Byetta and Bydureon? Bring it on, says Novo Nordisk's ($NVO) Mads Krogsgaard Thomsen. The Danish company's chief scientific officer told Bloomberg that more talk about that class of diabetes drugs will help Novo, too.
It appears that weeks of acerbic attacks against the oversight of the Forest Laboratories board and the rule of its octogenarian CEO Howard Solomon has paid off for investor Carl Icahn, getting him a supporter on the board. How effective a single voice can be in what may be a very hostile work environment is hard to imagine.
What's equal say in a partnership worth? To AstraZeneca ($AZN), $135 million. That's how much the U.K. drugmaker has added to its investment in a new diabetes partnership with Bristol-Myers Squibb ($BMY), in exchange for equal rights.
A Bristol-Myers Squibb ($BMY) executive may just be the man who knew too much about the company's M&A plans. Robert Ramnarine, the drugmaker's assistant director for capital markets, was charged with insider trading today, after allegedly profiting off stock options in three of Bristol-Myers' acquisition targets.
The biotech industry is virtually humming with gossip about the next sizable acquisition.
Analysts have been slicing and dicing the Bristol-Myers Squibb-slash-AstraZeneca deal for Amylin Pharmaceuticals. How much can the Big Pharma partners increase sales of Amylin's diabetes treatments? How much money can they save by joining forces?
Here's another potential wrench in the works for Amylin Pharmaceuticals ($AMLN). Shareholder Paul Berger sued the company's board, accusing directors of hiding a buyout bid from Bristol-Myers Squibb ($BMY)for personal profit. According to the suit, the board turned away Bristol-Myers' $3.5 billion offer and kept it quiet while they bought up stock options.