Bristol Myers Squibb (BMY)

[chmcnfunds]

I've seen a couple of speculations lately:

Meg TirrellVerified account ?@megtirrell 24h24 hours ago
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Jefferies says calm down on $BMY, suggests takeout $50/shr poss if things go further south in lung cancer; likely buyers $JNJ $PFE $SNY $NVS


From SA article:

David Katz, founder of $760 million value investment firm $760 million Matrix Asset Advisors, said he expects a lot of M&A in the drug company and health care space in 2017. Katz, who is a contributor to Real Money, noted Pfizer (PFE) , Merck (MRK) , Johnson & Johnson (JNJ) or Novartis (NVS) are all capable of acquiring Bristol-Myers. He added that Bristol-Myers's large immune-oncology drug portfolio, led by Opdivo, could make it an attractive candidate to any of the largest global pharmaceutical companies. "There are only a few companies big enough that would be capable of making an acquisition of Bristol," he said.

Last week, for instance, Pfizer CFO Frank D'Amelio told a J.P. Morgan Healthcare conference that he expects more tuck-in and bolt-on acquisitions for the overall industry, adding that he thought large-scale M&A was possible.

Chesney also acknowledged that there has been "persistent chatter, given some of the excitement around the world of immuno-oncology," that Bristol-Myers Squibb could become a target for acquisition.

However, he suggested that the most capable buyers may not be interested. Johnson & Johnson hasn't pursued large scale commercial transactions in the pharmaceutical space and is already quite diversified in with operations involving drugs, medical devices and consumer products. He added that Johnson & Johnson is more focused on make smaller development stage asset acquisitions, suggesting it wouldn't want to make the kind of transformative acquisition a Bristol purchase would entail.

Chesney added that he thought it was unlikely that Merck, the closest competitor to Bristol in the oncology business, would have any interest, largely because the two companies already overlap significantly.

The most widely speculated potential buyer for Bristol-Myers is Pfizer - many analysts and investors contend that the New York based company would see more of a benefit in acquiring Bristol.

Chesney contends that while Pfizer has clearly expressed interest in similar assets in the past, its willingness to enter into a significant transaction for Bristol-Myers could be limited by the shifting sands in the immuno-oncology space as well as Pfizer's own efforts to develop an in-house program, including a partnership with German-based Merck KGaA.
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I'm going to follow up on your reference re: Dr. Wolchok. The iHub message isn't available to those who aren't subscribed to that board.

Obviously MRK and BMY have some interesting ongoing agreements as seen by the timing of BMY's announcements on Friday, and I saw some speculation that BMY agreed to slow down the accelerated regulatory pathway as part of the settlement.

I'm surprised that BMY didn't recover more yesterday than it did. I know the way back up always takes longer than the fall, but the funds reaped from the settlement far surpass the 3-6 month delay. Am I wrong in this?

BMY