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Why Inhibitex HCV failure cost BMS twice the $2.5B it paid for the biotech
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Double down
-- Michael Flanagan
Published on
Monday, September 3, 2012
Bristol-Myers Squibb Co.'s suspension and subsequent termination of BMS-986094
cost the pharma about $5 billion in market cap, double the $2.5 billion it paid
to add the HCV therapeutic to its pipeline less than nine months ago. The extra
penalty suggests the Street has broadly devalued the pharma's now "nuc"-less
HCV pipeline.
Bristol-Myers (NYSE:BMY) gained
the compound when it acquired Inhibitex Inc. in January. On Aug. 2, the pharma
suspended development of '094, a nucleotide analog NS5B polymerase inhibitor,
due
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