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By New York Times News Service | October 7, 2008
Eli Lilly agreed yesterday to pay $6.5 billion to acquire ImClone Systems, the biotechnology company that is controlled by Carl C. Icahn and whose stock was involved in the insider trading scandal that sent Martha Stewart to jail. The deal by Lilly, worth $70 a share, beat an offer of $62 a share from Bristol-Myers Squibb, which markets ImClone's cancer drug Erbitux in the United States along with ImClone. But there is a consolation prize for Bristol-Myers. The $70-a-share offer means Bristol-Myers will get about $1 billion in cash for its nearly 17 percent stake in ImClone.
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BUSINESS
By New York Times News Service | October 7, 2008
Eli Lilly agreed yesterday to pay $6.5 billion to acquire ImClone Systems, the biotechnology company that is controlled by Carl C. Icahn and whose stock was involved in the insider trading scandal that sent Martha Stewart to jail. The deal by Lilly, worth $70 a share, beat an offer of $62 a share from Bristol-Myers Squibb, which markets ImClone's cancer drug Erbitux in the United States along with ImClone. But there is a consolation prize for Bristol-Myers. The $70-a-share offer means Bristol-Myers will get about $1 billion in cash for its nearly 17 percent stake in ImClone.
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BUSINESS
By JAY HANCOCK | November 3, 2002
MORE accounting shenanigans? Say it ain't so, Bristol-Myers Squibb! The drugmaker is reporting sales and profits in 2002 for products that were sold and probably shipped in 2001. Sweetheart, get me the Securities and Exchange Commission. Wait - the SEC already knows about Bristol-Myers' time-traveling revenue. Making the bookkeeping cops happy was the reason Bristol-Myers decided to shift some 2001 results into 2002. What in the name of Harvey L. Pitt is going on here? Politically correct accounting, from what I can figure.
BUSINESS
July 24, 2005
A weekly briefing on the economic calendar Monday June existing-home sales Earnings reports: American Express Co., BellSouth Corp., Texas Instruments Inc., Xerox Corp. Tuesday July consumer confidence Earnings reports: BP PLC, Chubb Corp., DuPont & Co., ImClone Systems Inc., International Paper Co., Lockheed Martin Corp., Safeway Inc., Sun Microsystems Inc., U.S. Steel Corp. Wednesday June new-home sales, Federal Reserve beige book, June durable goods orders Earnings reports: Boeing Co., ConocoPhillips, CSX Corp.
BUSINESS
By Andrew Countryman and Andrew Countryman,CHICAGO TRIBUNE | August 5, 2004
Drug giant Bristol-Myers Squibb Co. agreed yesterday to pay $150 million to settle federal regulators' allegations that it engaged in fraud by inflating revenues and profits by hundreds of millions of dollars over two years. The penalty, which will go into a fund to be distributed to investors, is the second-largest in a U.S. accounting fraud case, behind the $750 million in cash and stock assessed last year to WorldCom Inc., now known as MCI Inc. The Securities and Exchange Commission alleged that the New York-based maker of Excedrin headache medicine and the Pravachol cholesterol drug improperly accounted for $1.5 billion in revenue in 2000 and 2001 from excess products it shipped to wholesalers.
NEWS
By Erika Niedowski and Erika Niedowski,SUN STAFF | January 5, 1999
A federal jury in Washington handed down a $10 million verdict yesterday against a silicone breast-implant manufacturer that could have far-reaching implications for implant liability cases pending across the nation.After a five-week trial in U.S. District Court, the jury ordered Bristol-Myers Squibb Co. to pay Brenda G. Meister, a Washington lawyer, $10 million in compensatory damages."It's a major victory for plaintiffs in breast-implant cases, absolutely," said Henry Belsky, a Baltimore lawyer.
NEWS
By KNIGHT RIDDER/TRIBUNE | March 15, 2001
WASHINGTON - Bristol-Myers Squibb announced yesterday that it will sell AIDS medicines for less than $1 a day to countries in Africa, making it the latest company to enter into an escalating global drug price rivalry. With sub-Saharan Africa devastated by AIDS, pharmaceutical companies are under growing moral, political and economic pressure to help relieve the suffering of millions of diseased and impoverished people there. The drug companies recently have begun to respond, but their efforts remain controversial.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | December 13, 1995
Bristol-Myers Squibb Co., one of the nation's largest pharmaceutical firms, said yesterday that it will join a Maryland company's effort to show that thalidomide, banned in the U.S. market decades ago because it causes birth defects, is an effective treatment for some cancers.The deal between Bristol-Myers and privately held EntreMed of Rockville is further evidence of the growing interest in thalidomide and related compounds as potentially powerful tools for the treatment of several diseases, including AIDS, leprosy and cancer.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | February 11, 1999
EntreMed Inc., the Rockville biotechnology company that saw its stock soar in May on news of its promising cancer research, lost 47 percent of its value yesterday after Bristol-Myers Squibb Co. halted development of a critical drug.Shares in EntreMed fell $11.625, to $12.875, in heavy trading. The drop followed an announcement after Tuesday's close that Bristol-Myers will relinquish responsibility for developing the drug, angiostatin, to EntreMed.In May, Dr. Judah Folkman, a Harvard University scientist, said in a front-page article in the New York Times that he had combined angiostatin with another drug, endostatin, to eradicate tumors in laboratory mice.
BUSINESS
August 13, 1993
Bristol-Myers signs purchasing dealBristol-Myers Squibb Corp. said it signed a purchasing agreement with an alliance of more than 1,000 hospitals that could add billions of dollars to the drug company's revenues.@
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | November 18, 2004
Guilford Pharmaceuticals Inc., in its first 10 years often marked as a company long on innovation but short on commercialization, chose a veteran pharmaceutical executive as its new chief executive and charged him with transforming the Baltimore biotechnology company into more than a two-product business. Guilford said yesterday that Dean J. Mitchell, 48, a Bristol-Myers Squibb executive with more than 25 years in the pharmaceutical industry, will take over as president and chief executive officer Dec. 1. He will replace Dr. Craig R. Smith, a Guilford co-founder and CEO, who announced retirement plans in September.
BUSINESS
By Andrew Countryman and Andrew Countryman,CHICAGO TRIBUNE | August 5, 2004
Drug giant Bristol-Myers Squibb Co. agreed yesterday to pay $150 million to settle federal regulators' allegations that it engaged in fraud by inflating revenues and profits by hundreds of millions of dollars over two years. The penalty, which will go into a fund to be distributed to investors, is the second-largest in a U.S. accounting fraud case, behind the $750 million in cash and stock assessed last year to WorldCom Inc., now known as MCI Inc. The Securities and Exchange Commission alleged that the New York-based maker of Excedrin headache medicine and the Pravachol cholesterol drug improperly accounted for $1.5 billion in revenue in 2000 and 2001 from excess products it shipped to wholesalers.
BUSINESS
By JAY HANCOCK | November 3, 2002
MORE accounting shenanigans? Say it ain't so, Bristol-Myers Squibb! The drugmaker is reporting sales and profits in 2002 for products that were sold and probably shipped in 2001. Sweetheart, get me the Securities and Exchange Commission. Wait - the SEC already knows about Bristol-Myers' time-traveling revenue. Making the bookkeeping cops happy was the reason Bristol-Myers decided to shift some 2001 results into 2002. What in the name of Harvey L. Pitt is going on here? Politically correct accounting, from what I can figure.
BUSINESS
October 25, 2002
Duke Energy Corp. said yesterday that its third-quarter profit plunged 71 percent because of weakness in the U.S. economy, forcing it to cut 1,500 regular positions and 400 contract workers. Richard Priory, chairman and chief executive officer, said the move will save Duke about $100 million a year. The company, based in Charlotte, N.C., said net income in the third quarter was $230 million, or 27 cents a share, down from $796 million, or $1.01 a share, in the third quarter last year.
BUSINESS
By BLOOMBERG NEWS | August 20, 2002
WASHINGTON - The Securities and Exchange Commission accepted accounting certifications from top executives at AOL Time Warner Inc., Bristol-Myers Squibb Co. and Reliant Energy Inc. yesterday while listing one from Mirant Corp. as not in compliance. Mirant, the biggest North American natural-gas trader whose accounting is under review by the SEC, joined 12 other companies whose certifications were listed earlier as not in compliance. AOL Time Warner and Bristol-Myers were checked as acceptable although they have said their financial results may need to be restated.
BUSINESS
By BLOOMBERG NEWS | May 22, 2001
CINCINNATI - Procter & Gamble Co. agreed yesterday to acquire Bristol-Myers Squibb Co.'s Clairol unit for $4.95 billion to begin selling hair coloring, a market with sales growing twice as fast as household products. Clairol's Nice`n Easy, Natural Instincts and Miss Clairol brands will give Procter & Gamble the No. 2 position in the U.S. hair-color market. The cash acquisition is the biggest in Procter & Gamble's 164-year history and will add $1.6 billion in annual sales, the company said.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | April 5, 1996
EntreMed, a small Rockville biopharmaceutical company, and drug giant Bristol-Myers Squibb Co. have jointly launched the first human clinical trials in the United States to determine whether thalidomide, the sedative banned decades ago because causes birth defects, may provide a dramatic new way to treat cancer.If that proves true, the drug, which triggered a mountain of lawsuits in the 1950s, could become a big profit generator again, say pharmaceutical industry analysts.Critical Phase II trials are being launched this month at three medical institutions, Georgetown University Medical Center in Washington, the National Institutes of Health's Clinical Center in Bethesda and the Dana-Farber Cancer Institute in Boston.
BUSINESS
By BLOOMBERG NEWS | May 22, 2001
CINCINNATI - Procter & Gamble Co. agreed yesterday to acquire Bristol-Myers Squibb Co.'s Clairol unit for $4.95 billion to begin selling hair coloring, a market with sales growing twice as fast as household products. Clairol's Nice`n Easy, Natural Instincts and Miss Clairol brands will give Procter & Gamble the No. 2 position in the U.S. hair-color market. The cash acquisition is the biggest in Procter & Gamble's 164-year history and will add $1.6 billion in annual sales, the company said.
NEWS
By KNIGHT RIDDER/TRIBUNE | March 15, 2001
WASHINGTON - Bristol-Myers Squibb announced yesterday that it will sell AIDS medicines for less than $1 a day to countries in Africa, making it the latest company to enter into an escalating global drug price rivalry. With sub-Saharan Africa devastated by AIDS, pharmaceutical companies are under growing moral, political and economic pressure to help relieve the suffering of millions of diseased and impoverished people there. The drug companies recently have begun to respond, but their efforts remain controversial.
BUSINESS
By Sean Somerville and Sean Somerville,SUN STAFF | February 11, 1999
EntreMed Inc., the Rockville biotechnology company that saw its stock soar in May on news of its promising cancer research, lost 47 percent of its value yesterday after Bristol-Myers Squibb Co. halted development of a critical drug.Shares in EntreMed fell $11.625, to $12.875, in heavy trading. The drop followed an announcement after Tuesday's close that Bristol-Myers will relinquish responsibility for developing the drug, angiostatin, to EntreMed.In May, Dr. Judah Folkman, a Harvard University scientist, said in a front-page article in the New York Times that he had combined angiostatin with another drug, endostatin, to eradicate tumors in laboratory mice.
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