Bristol's Opdivo Liver Cancer Setback and Forced Sale of Otezla Are Mild Negatives
In tandem with the announcement of a failed Opdivo study in liver cancer, Bristol-Myers Squibb also announced the forced divestment of psoriasis drug Otezla to appease regulators regarding the Celgene acquisition. We see both announcements as mild negatives and don't expect any major changes to our fair value estimate. We continue to view Bristol as well entrenched in the immuno-oncology market with Opdivo, and the acquisition of Celgene still looks solid despite the Otezla divestment. We don't ...Bristol-Myers Squibb is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The company's products are sold worldwide, primarily to wholesalers, specialty distributors, retail pharmacies, hospitals, government entities and the medical profession. The company manufactures products in the United States and Puerto Rico and has manufacturing operations in two foreign countries. The company has products in the following therapeutic classes: hematology, oncology, cardiovascular and immunology. The company's pharmaceutical products include chemically-synthesized or small molecule drugs and products produced from biological processes, called biologics.
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