Bristol Myers Squibb (BMY) Hits a New High
Shares of Bristol-Myers Squibb jumped to a 52-week high Monday on speculation the company is in talks to be purchased by French drug maker Sanofi-Aventis SA.
Bristol-Myers shares rose $1.65, or 6.3 percent, to $27.86 in morning trading on the New York Stock Exchange. Shares have traded between $20.08 and $27.03 over the past 52 weeks.
Prudential analyst Timothy Anderson said the report comes from a respected publication in France, the weekly La Lettre de l'Expansion. Anderson said the deal would make sense given the companies' current partnership on the blood thinner Plavix, a $5 billion per year drug that is the second best-selling drug in the world.
According to the French article, a deal could possibly close by September.
Both Sanofi-Aventis and Bristol-Myers declined to comment.
Sanofi-Aventis has been considered a favorite for acquiring Bristol-Myers since September 2006, when Bristol-Myers former Chief Executive Peter Dolan was let go, and interim CEO James M. Cornelius took charge. Cornelius' last claim to fame was shepherding the sale of medical device Guidant Corp. to Boston Scientific Corp. Cornelius has repeatedly denied he is interested in a permanent CEO position.
Also, in September, Bristol-Myers Chairman James D. Robinson hinted at the possibility of a sale, saying the company would "deal with any bonafide proposals."
In 2004, the drugmakers Sanofi-Synthelabo and Aventis merged to create the world's third-largest pharmaceutical firm.
American depositary shares of Sanofi-Aventis fell 60 cents to $44.74 on the NYSE.
Published by AP
posted by Stock Administrator @ 10:44 AM
Bristol Myers Squibb (BMY) Hits a New High
Shares of Bristol-Myers Squibb jumped to a 52-week high Monday on speculation the company is in talks to be purchased by French drug maker Sanofi-Aventis SA.
Bristol-Myers shares rose $1.65, or 6.3 percent, to $27.86 in morning trading on the New York Stock Exchange. Shares have traded between $20.08 and $27.03 over the past 52 weeks.
Prudential analyst Timothy Anderson said the report comes from a respected publication in France, the weekly La Lettre de l'Expansion. Anderson said the deal would make sense given the companies' current partnership on the blood thinner Plavix, a $5 billion per year drug that is the second best-selling drug in the world.
According to the French article, a deal could possibly close by September.
Both Sanofi-Aventis and Bristol-Myers declined to comment.
Sanofi-Aventis has been considered a favorite for acquiring Bristol-Myers since September 2006, when Bristol-Myers former Chief Executive Peter Dolan was let go, and interim CEO James M. Cornelius took charge. Cornelius' last claim to fame was shepherding the sale of medical device Guidant Corp. to Boston Scientific Corp. Cornelius has repeatedly denied he is interested in a permanent CEO position.
Also, in September, Bristol-Myers Chairman James D. Robinson hinted at the possibility of a sale, saying the company would "deal with any bonafide proposals."
In 2004, the drugmakers Sanofi-Synthelabo and Aventis merged to create the world's third-largest pharmaceutical firm.
American depositary shares of Sanofi-Aventis fell 60 cents to $44.74 on the NYSE.
Published by AP
Bristol-Myers shares rose $1.65, or 6.3 percent, to $27.86 in morning trading on the New York Stock Exchange. Shares have traded between $20.08 and $27.03 over the past 52 weeks.
Prudential analyst Timothy Anderson said the report comes from a respected publication in France, the weekly La Lettre de l'Expansion. Anderson said the deal would make sense given the companies' current partnership on the blood thinner Plavix, a $5 billion per year drug that is the second best-selling drug in the world.
According to the French article, a deal could possibly close by September.
Both Sanofi-Aventis and Bristol-Myers declined to comment.
Sanofi-Aventis has been considered a favorite for acquiring Bristol-Myers since September 2006, when Bristol-Myers former Chief Executive Peter Dolan was let go, and interim CEO James M. Cornelius took charge. Cornelius' last claim to fame was shepherding the sale of medical device Guidant Corp. to Boston Scientific Corp. Cornelius has repeatedly denied he is interested in a permanent CEO position.
Also, in September, Bristol-Myers Chairman James D. Robinson hinted at the possibility of a sale, saying the company would "deal with any bonafide proposals."
In 2004, the drugmakers Sanofi-Synthelabo and Aventis merged to create the world's third-largest pharmaceutical firm.
American depositary shares of Sanofi-Aventis fell 60 cents to $44.74 on the NYSE.
Published by AP
posted by Stock Administrator @ 10:44 AM
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