Bristol-Myers Squibb CEO Lamberto Andreotti has had a nice run at the drugmaker, paywise. And as he prepares to move upstairs to the chairman's office--and eventually out the door--he's going out with a bang. Apparently, a $27 million bang.
Bristol-Myers Squibb is finally in line for FDA approval for its once-rejected hepatitis C daclatasvir, angling to take third place among companies with next-generation cures for the virus.
Now that AbbVie has managed to astonish just about everyone in the biopharma business with its $21 billion takeover of Pharmacyclics, there's been a deluge of speculation over the next big target in the M&A game. Yesterday, Bloomberg 's restless team of deal-watchers proffered Bristol-Myers Squibb as a possibility, seeing as how the Big Biotech is now the clear leader in immuno-oncology, where it could be in line for $15 billion in peak sales.
Bristol-Myers Squibb's incoming CEO will get quite a raise with his new job. But it's likely to be awhile till Giovanni Caforio, now the company's chief operating officer, sees his pay catch up to that of current chief Lamberto Andreotti.
When Opdivo showed it could prolong the lives of lung cancer patients, Bristol-Myers Squibb quickly broadcast the data. And the pharma world was sufficiently impressed. But the FDA was so impressed with the survival data on the new immunotherapy, it was already working on a new approval for the drug.
As AbbVie's $21 billion deal to buy Pharmacyclics shows, drugmakers aren't scared to shell out for cancer drugs--and they're not worried about pricing pressure holding their purchases back. Could PD-1 pioneer Bristol-Myers Squibb be next?
Bristol-Myers Squibb and Pfizer got a positive recommendation from the U.K.'s cost gatekeeper for its new-age clot-fighter Eliquis, giving the companies a boost as they chase $3 billion in sales for the drug and compete with rivals Pradaxa and Xarelto.
After a handful of large-scale monotherapy flops for cancer vaccines, many companies now think pairing them up as part of immunotherapy combos might be the way to go. And immuno-oncology pioneer Bristol-Myers Squibb just made a big bet that that's the case.
Bristol-Myers Squibb may have been second to market with PD-1 drug Opdivo, but as of Wednesday, it's the first to snag a second go-ahead for the cancer fighter--and it's a big one.
Bristol-Myers Squibb picked up FDA approval to use its new oncology treatment in lung cancer, significantly boosting the value of a therapy already expected to bring in billions each year.