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In a  previous post,  I suggested that more layoffs would occur at Bristol-Myers Squib (BMS) by December, 1, 2008. The Pharmalot Blog reported today that 800 more BMS employees ( including scientists) would lose their jobs before the end of 2008. Okay, so I was off by about two weeks.

A company spokesperson told the Pharmalot folks that “We are reducing the global Bristol-Myers Squibb workforce as part of our previously announced second wave of productivity initiatives designed to enhance our ability to address the significant challenges and uncertainties our company faces in the short- and long-term. Headcount reductions associated with the second wave of productivity initiatives will continue through 2010, with a goal of a 10 percent reduction in our global workforce. This [layoff of 800] is in addition to the 10 percent workforce reduction previously announced in December 2007.” 

Things are obviously not going well at BMS these days. Look for more layoffs in early 2009 and beyond. Who do you think is going to buy BMS?

Until next time…

Good Luck and Good Job Hunting (Try Lilly I hear ImClone is looking for a few good men and women)

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According to a post over at Pharmalot, BMS may be positioning itself for sale or readying itself as a potential M&A target.   

Although BMS has been rumored for years to be a takeover target, the impending loss of revenues generated by its anticlotting drug Plavix (co-marketed with Sanofi-Aventis) due to patent expiry in 2011 is wreaking havoc at the company.  As much as 50% of BMS’s revenue is generated by the Plavix franchise. The impending loss of Plavix suggests that thing must drastically change at the company in order for it to remain independent.

Time will sell….I mean tell....!!!!!

Until next time….

Good Luck and Good Job Hunting!!!!!!

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Chalk up one for the good guys (good is a relative term). Carl Icahn has given up on his quest to gain control of the Cambridge-based biotechnology giant, Biogen/IDEC. Actually, he was forced to give up because the slate of board members that he hoped would be elected to the Biogen/IDEC board failed to gain shareholder support and lost its bid for the board at a recent shareholder meeting.

Icahn, who owns about 4% of outstanding shares of the company, wanted to gain control of the Biogen/IDEC board so that he could force the company to try once again to sell itself to a large pharmaceutical company (rather than remain independent). As you may recall, the company tried to sell itself late last year but failed to find any buyers. Icahn accused the company of not trying hard enough! Give it a break Carl…its not always about you!

Despite the fact that Carl has his name on a molecular biology building at Princeton University (he is an alumnus), he knows very little about the biotechnology business. My advice to him is to raid companies that make commodities that he knows something about—widgets, plastics, automobiles — maybe even oil.

Until next time….

Good Luck and Good Job Hunting (try Biogen/IDEC)!!!!!!!!

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Bristol-Myers Squibb is quietly seeking a buyer Mead Johnson division, its baby formula business which is estimated to be worth around $7-$9 billion. According to word on the street, BMS may have approached PepsiCo, Danone, Nestlé, Kraft and Heinz as prospective buyers. BMS has also put out feelers to pharmaceutical companies which have nutritional divisions, including Johnson & Johnson, GlaxoSmithKline and Novartis.

The search for a buyer of Mead Johnson comes less than three months after BMS said it would conduct a strategic review of both its nutritionals business and ConvaTec, its wound care products division. Both divisions are highly profitable but are not consistent with the company’s strategic goal of refocusing corporate assets on its pharmaceutical and biopharmaceutical businesses. Both companies are located in New Jersey and sale of either or both companies could have a negative impact on its fragile economy which is already reeling from inordinately high property taxes.

BMS declined to comment on the sale, but said it "continued to evaluate its strategic options with Mead Johnson and ConvaTec". The company could also decide to spin off the units to shareholders, or do nothing.

Mead Johnson is best known for its Enfamil and Enfalac range of infant formula. ConvaTec sells a variety of wound care and ostomy products.

Until next time…

Good Luck and Good Job Hunting (not New Jersey)!!!!!!

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