In 2007, when Jim Cornelius became interim CEO of Bristol-Myers Squibb Co., the company was at its nadir. The board, under pressure from a federal monitor, had fired the long-time CEO, Peter Dolan, and its general counsel, Richard Willward, because of a botched attempt to delay entry of a generic competitor to its best-selling anti-coagulant clopidogrel (Plavix). Analysts called the pharma "bloated" and "underachieving," especially since Plavix and other core products such as irbesartan (Avapro), were set to face generic competition beginning in 2012.
Can BMS Deliver on Innovation?
In December of 2007, Bristol-Myers announced its commitment to become a 'next-generation" biopharma company, with a focus on biologics and specialty drugs. That meant it would divest its non-core non-pharma assets, improve productivity, bolster R&D, and make sure its financing was in shape-even as its peers were taking the opposite approach. Two years later, it appears to be successfully executing on its objectives for the first two stages.
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