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Bristol-Myers saw the risk, but...

After the Fall

Bristol-Myers saw the risk, but . . .

One of the more debated aspects of the Erbitux saga is Bristol-Myers Squibb Co.'s decision to invest so much cash in the antibody and its developer, ImClone Systems Inc. Internal BMY documents released last week by the House Energy and Commerce Committee highlight BMY's knowledge of the risk it was taking, but do not fully explain why it took the plunge.

The documents also highlight the pharma company's failure to counter what it believed to be misleading information that IMCL was giving to the public.

"On the whole this remains a very

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