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Bristol-Myers Squibb and Otsuka Stabilize Their Bases

The related deals between Bristol-Myers Squibb Co. and Otsuka Pharmaceutical Co. Ltd. announced in April appear to be a win for both sides. They extend and update a highly successful 10-year-old collaboration, essentially tweaking the original agreement's terms in consideration of each partner's current needs. At the same time, they recognize that the key product involved, the antipsychotic medication Abilify, is reaching maturity.

The related deals between Bristol-Myers Squibb Co. and Otsuka Pharmaceutical Co. Ltd. announced April 6 appear to be a win for both sides. [See Deal] They extend and update a highly successful 10-year-old collaboration, essentially tweaking the original agreement’s terms in consideration of each partner’s current needs. [See Deal] At the same time, they recognize that the key product involved, the antipsychotic medication Abilify (aripiprazole), is reaching maturity.

Unlike many growth-oriented deals, this one centers on alleviating mid-term risks overhanging each company by bulking up existing financials. It improves Bristol-Myers’ cash flow and stabilizes its earnings base, even as the company waits for approval of some key new products

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