How These Acquisitions Are Changing the Outlook for Bristol Myers Squibb
Pharmaceutical giant Bristol Myers Squibb's (NYSE: BMY) purchase of Celgene turned it into a dominant player in oncology and hematology, and this year, the company has aggressively strengthened this position. Following a string of successful deals and regulatory approvals, the company needs to move past some negative news to keep its momentum going.
Bristol Myers acquired Celgene for $74 billion at the end of 2019, gaining its current bestseller Revlimid, three late-stage drug candidates, and a strong early-stage pipeline. All three late-stage candidates have since gotten a green light from the Food and Drug Administration (FDA) and are showing early success in the market.
Most recently, blood cancer therapy Breyanzi won a second approval that allows it to be administered at an earlier stage of treatment. Approved in early 2021 for use after two or more lines of therapy in large B-cell lymphoma, the FDA in June expanded the label to allow Breyanzi to be used as a second-line treatment.
Source Fool.com
