Healthcare Industry News: Biocon
News Release - April 26, 2007
James M. Cornelius Elected Bristol-Myers Squibb CEONEW YORK, April 26 (HSMN NewsFeed) -- Bristol-Myers Squibb Company (NYSE: BMY ) today announced that James M. Cornelius, who has served as interim chief executive for the past eight months, has been elected chief executive officer with a term through the date of the company's Annual Meeting of Stockholders in 2009.
Cornelius has been a member of the Bristol-Myers Squibb board since January of 2005, previously serving as chairman and CEO of Guidant Corporation, chief financial officer of Eli Lilly and Company, and president and CEO of IVAC Corporation.
"As we conducted an extensive and thorough CEO search, it became increasingly clear that Jim was the ideal person to continue leading our company," said Bristol-Myers Squibb Chairman James D. Robinson III. "It was obvious to the Board that his knowledge of the company and the dynamics facing the industry today were vital to our future progress. He has done a splendid job as CEO, and we couldn't be more pleased that he has agreed to stay in this role."
Cornelius said he was excited and confident about the future for Bristol-Myers Squibb. "Over the last eight months I've worked with an outstanding team in the company to stabilize the organization, streamline decision-making, and build and execute a 2007 operational plan that meets or exceeds shareholder expectations. As our first quarter results demonstrate, many of our key newer products continue on a solid growth path, and our Plavix business is recovering. The Board and I now have challenged our leaders to conduct a thorough strategic review of our business with the aim of growing revenue, expanding margins and improving cash flows. Our goal is to continue focusing on our mission of extending and enhancing human life -- primarily by helping patients prevail over serious disease -- while at the same time building shareholder value."
He added: "A key priority of mine will also be management development and succession planning to ensure that the company continues to benefit from strong and effective leadership."
Since September, Cornelius has overseen the first steps of a strategic review of Bristol-Myers Squibb, including tightening fiscal controls, enhancing the company's global reputation, and working with the board and senior management to clearly identify the company's strengths in an increasingly challenging healthcare environment.
In the past five months, Bristol-Myers Squibb has announced several innovative partnerships designed to reduce costs and mitigate risks while also enabling the company to advance its promising pipeline and prepare for the next wave of new products. These collaborations include:
* an agreement with AstraZeneca to codevelop and co-commercialize two late stage diabetes compounds;
* an agreement with Pfizer to codevelop and co-commercialize apixaban, a novel anti-clotting agent;
* an agreement with Exelixis to discover and develop novel oncology compounds;
* a collaboration with Biocon and Accenture to significantly expand the company's research and development presence in India; and
* a licensing agreement for diabetes compound saxagliptin in Japan.
The company will continue to evaluate strategic alliances and acquisitions to accelerate product development and sales growth.
In addition, the company continues to comply with the requirements of the Deferred Prosecution Agreement (DPA) with the U.S. Attorney's Office in New Jersey and expects the DPA will expire on June 15.
"Looking ahead, the changing healthcare landscape requires Bristol-Myers Squibb to continue transforming itself," Robinson added. "Jim's goal is to ensure that our company grows in areas where we have true leadership and competitive advantage, as we continue to extend and enhance human life, and help patients prevail over serious diseases."
Bristol-Myers Squibb is a global pharmaceutical and related healthcare products company whose mission is to extend and enhance human life.
Source: Bristol-Myers Squibb
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