Bristol-Myers Squibb Company BMY announced that it will expand its presence at the research site in Cambridge, MA along with an expansion in San Francisco. While the Cambridge site is expected to open in 2018, ongoing expansion at the San Francisco site is expected to be completed in 2016.
Meanwhile, the company is set to close its Wallingford, CT and Waltham, MA sites in early 2018. The company will relocate up to 200 employees from these site to the Cambridge center and 500 employees from Wallingford to a new location in Connecticut.
The company also announced that it plans to discontinue discovery research efforts in virology which includes early research in hepatitis B (HBV) and HIV. However, the company noted that this decision will not impact the development of promising candidates which are already being evaluated for virology-related indication (including BMS-663068, BMS-955176, BMS-936559 and beclabuvir) and the company’s marketed products in virology (including Baraclude, Reyataz/Evotaz, Sustiva, Atripla, Daklinza and Sunvepra). The company will eliminate approximately 100 positions as a result of these changes.
Bristol-Myers Squibb’s will focus on research in immuno-oncology, heart failure, fibrosis, genetically defined diseases and immunoscience.
We note that Bristol-Myers has been increasingly focusing on immuno-oncology treatments. The company acquired Flexus Biosciences for $1.25 billion and collaborated with Rigel Pharmaceuticals Inc. RIGL in a deal worth more than $339 million, all to bolster its immuno-oncology pipeline.
Bristol-Myers carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector are Valeant Pharmaceuticals International, Inc. VRX and Acorda Therapeutics, Inc. ACOR. While Valeant holds a Zacks Rank #1 (Strong Buy), Acorda carries a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Be the first to comment