Bristol-Myers Squibb Seen as Takeover Bait

People close to the matter revealed that Bristol-Myers Squibb is viewed as a takeover target by multiple drugmakers, StreetInsider reported Tuesday.

• Some investors have prodded the company to put itself up for sale following a setback in the development of Opdivo plus Yervoy in the treatment of first-line lung cancer.

• According to industry sources, Novartis, Pfizer and Roche are all considering a takeover of Bristol-Myers Squibb, while Gilead Sciences is also viewed as a potential suitor.

• Sources estimated that a deal for Bristol-Myers Squibb could be valued at as much as $72 per share, or $120 billion.

• The rumours come after recent talks between the administration of US President Donald Trump and drugmakers regarding strategies for reducing drug costs.