it is not to be confused with squib disambiguation . bristol myers squibb company type public company traded as nyse bmy s & p 500 component industry pharmaceuticals founded 1887 merger 1989 headquarters 345 park avenue new york new york united states key people dr. giovanni caforio ceo revenue us 18.8 billion fy 2009 1 operating income us 5.34 billion fy 2009 1 net income us 10.6 billion fy 2009 1 total assets us 31.0 billion fy 2009 2 total equity us 14.8 billion fy 2009 2 number of employees 28 000 2010 website www.bms.com a bristol myers squibb r & d facility in lawrence township united states bristol myers squibb often referred to as bms is an american pharmaceutical company headquartered in new york city . bristol myers squibb manufactures prescription pharmaceuticals in several therapeutic areas including cancer hiv aids cardiovascular disease diabetes hepatitis rheumatoid arthritis and psychiatric disorders . its mission is to discover develop and deliver innovative medicines that help patients prevail over serious diseases . bms primary r & d sites are located in lawrence township new jersey formerly squibb near princeton and wallingford connecticut formerly bristol myers with other sites in hopewell and new brunswick new jersey and in swords ireland braine l alleud belgium tokyo japan and bangalore india . 3 contents 1 history 1.1 squibb 1.2 bristol myers 1.3 merger 1.4 2000 to 2010 1.5 2011 onward 1.6 acquisition history 2 pharmaceuticals 2.1 out of production 2.2 divested brands 3 products under development 4 notes and references 5 external links history edit squibb edit the squibb corporation was founded in 1858 by edward robinson squibb in brooklyn new york . squibb was known as a vigorous advocate of quality control and high purity standards within the fledgling pharmaceutical industry of his time at one point self publishing an alternative to the u.s. pharmacopeia squibb s ephemeris of materia medica after failing to convince the american medical association to incorporate higher purity standards . mentions of the materia medica squibb products and edward squibb s opinion on the utility and best method of preparation for various medicants are found in many medical papers of the late 1800s . 4 5 6 7 8 9 squibb corporation served as a major supplier of medical goods to the union army during the american civil war providing portable medical kits containing morphine surgical anesthetics and quinine for the treatment of malaria which was endemic in most of the eastern united states at that time . 10 bristol myers edit in 1887 hamilton college graduates william mclaren bristol and john ripley myers purchased the clinton pharmaceutical company of clinton new york . in 1898 they decided to rename it bristol myers and company . following meyers death in 1899 bristol changed the name to the bristol meyers corporation . the first nationally recognized product was sal hepatica a laxative mineral salt in 1903 . its second national success was ipana toothpaste from 1901 through the 1960s . 11 the company acquired cheplin laboratories in syracuse new york in 1943 and produced penicillin for the world war ii allied forces . after the war the company renamed the syracuse plant bristol laboratories and entered the civilian antibiotics market where it faced competition from squibb which opened the world s largest penicillin plant in 1944 . 11 merger edit bristol myers and squibb were merged to form bristol myers squibb in 1989 . in 1999 president clinton awarded bristol myers squibb the national medal of technology the nation s highest recognition for technological achievement for extending and enhancing human life through innovative pharmaceutical research and development and for redefining the science of clinical study through groundbreaking and hugely complex clinical trials that are recognized models in the industry . 2000 to 2010 edit the company was involved in an accounting scandal in 2002 that resulted in a significant restatement of revenues from 1999 to 2001 . the restatement was the result of an improper booking of sales related to channel stuffing as the practice of offering excess inventory to customers to create higher sales numbers . the company has since settled with the united states department of justice and securities and exchange commission agreeing to pay 150 million while neither admitting nor denying guilt . 12 in 2002 the company was involved in a lawsuit of maintaining illegally a monopoly on taxol its cancer treatment and it was again sued for the antitrust lawsuit 5 years later which cost the company 125 million for settlement . 13 on october 24 2002 bristol myers squibb co. restated earnings downward for parts of 2000 and 2001 while revising this year s earnings upward because of its massive inventory backlog imbroglio that spurred two government investigations . 14 on march 15 2004 bristol myers squibb co. adjusted upward its fourth quarter and full year 2003 results after reversing an earlier decision about how to deal with accounting errors made in prior years . 15 as part of a deferred prosecution agreement the company was placed under the oversight of a monitor appointed by the u.s. attorney in new jersey . in addition the former head of the pharma group richard lane and the ex cfo fred schiff were indicted for federal securities violations.an investigation of the company was made public in july 2006 and the fbi raided the company s corporate offices . the investigation centered on the distribution of plavix and charges of collusion . 16 on september 12 2006 the monitor former federal judge frederick b. lacey urged the company to remove then ceo peter dolan over the plavix dispute . later that day bms announced that dolan would indeed step down . 17 the deferred prosecution agreement expired in june 2007 and the department of justice did not take any further legal action against the company for matters covered by the dpa . under ceo jim cornelius who was ceo following dolan until may 2010 all executives involved in the channel stuffing and generic competition scandals have since left the company . in 2009 a major restructuring involves focusing on the pharmaceutical business and biologic products along with productivity initiatives and cost cutting and streamlining business operations through a multi year program of on going layoffs . as another cost cutting measure bristol myers also reduced subsidies for health care to retirees and plans to freeze their pension plan at the end of 2009 . citation needed in august bms acquired the biotechnology firm medarex as part of the company s string of pearls strategy of alliances partnerships and acquisitions . 18 in november bristol myers squibb announced that it was splitting off mead johnson nutrition by offering bmy shareholders the opportunity to exchange their stock for shares in mead johnson . according to bristol myers squibb this move was expected to further sharpen the company s focus on biopharmaceuticals . bms is a fortune 500 company 114 in 2010 list . newsweek s 2009 green ranking recognized bristol myers squibb as 8th among 500 of the largest united states corporations . also bms was included in the 2009 dow jones sustainability north america index of leading sustainability driven companies . in october 2010 the company acquired zymogenetics securing an existing product as well as pipeline assets in hepatitis c cancer and other therapeutic areas . lamberto andreotti was named ceo this year ; he had previously served as president and coo responsible for all pharmaceutical operations worldwide . 19 2011 onward edit bristol myers squibb co. agreed to pay around 2.5 billion in cash to buy inhibitex inc. in concern to compete with gilead pharmasset to produce hepatitis c drugs . the settlement will be finished in 2 months for its inhibitex s shareholders acceptance of 126 percent premium price of its price over the previous 20 trading days ended at january 6 . 20 on june 29 bristol myers squibb co bms extend its portfolio of diabetes treatments when it agreed to buy amylin pharmaceuticals inc for around 5.3 billion in cash and will pay 1.7 billion to eli lilly to cover amylin s debt and its obligations to eli lilly from ending the collaboration with amylin . astra zeneca who already collaborates on several diabetes treatments with bms will pay 3.4 billion in cash for the rights to develop amylin s products . 21 in 2012 the company donated 6.9 million to the healthwell foundation which provides financial assistance to eligible people for covering co insurance co payments healthcare premiums and deductibles for certain treatments . citing major developments and a market capitalization of us 87 billion and stock appreciation of 61.4 % bristol myers squibb was ranked as the best drug company of 2013 by forbes magazine . 22 in april 2014 bms announced its acquisition of ipierian for up to 725 million . 23 in december the company received fda approval for the use of the pd 1 inhibitor nivolumab opdivo in treating patients whose skin cancer can not be removed or have not responded to previous drug therapies . 24 in february 2015 the company acquired flexus biosciences for 1.25 billion as well as initiating a research partnership with rigel pharmaceuticals which could generate more than 339 million . as part of the deal with flexus bms will gain full rights to flexus lead small molecule ido1 inhibitor f001287 . 25 in march the company obtained an exclusive opportunity to both licence and commercialise prostvac bavarian nordic s phase iii prostate specific antigen targeting cancer immunotherapy . bavarian nordic will receive an upfront payment of 60 million as well as incremental payments up to 230 million if the overall survival of test patients exceeds that seen in phase ii tests . bavarian could also receive milestone payments of between 110 million and 495 million dependent on regulatory authorisation and these payments have the potential to total up to 975 million . 26 in may dr. giovanni caforio became ceo of the company ; 27 caforio was formerly the company s coo and succeeded andreotti upon his retirement . 19 andreotti subsequently succeeded james cornelius as executive chairman upon his retirement . 19 in november the company acquired the cardiovascular disease drug developer cardioxyl for up to 2.075 billion . the deal strengthens the bms critical pipelines with the phase ii candidate for acute decompensated heart failure cxl 1427 . 28 in march 2016 the company announced it would acquire padlock therapeutics for up to 600 million . 29 in early july the company announced it would acquire cormorant pharmaceuticals for 520 million boosting bms onclogy offering through cormorants monoclonal antibody targeted against interleukin 8 . 30 acquisition history edit the following is an illustration of the company s major mergers and acquisitions and historical predecessors this is not a comprehensive list bristol myers squibb bristol myers squibb squibb corporation founded 1858 bristol myers founded 1887 otsuka pharmaceutical co. acq 1976 janssen pharmaceutica acq 1999 adnexus therapeutics 31 acq 2007 bristol myers squibb medical imaging 32 sold to avista capital partners 2007 convatec 33 sold to avista capital partners & nordic capital fund vii 2008 kosan biosciences 34 acq 2008 imclone systems 35 acq 2008 medarex acq 2009 mead johnson spun off 2009 zymogenetics acq 2010 amira pharmaceuticals 36 acq 2011 inhibitex inc acq 2012 amylin pharmaceuticals acq 2012 jointly with astrazeneca ipierian acq 2014 flexus biosciences acq 2015 cardioxyl acq 2015 padlock therapeutics acq 2016 cormorant pharmaceuticals acq 2016 30 astrazeneca acq 2014 with amylin pharmaceuticals pharmaceuticals edit the following is a list of key pharmaceutical products 37 cardiovascular diseases avalide irbesartan hydrochlorothiazide comarketed with sanofi avapro irbesartan comarketed with sanofi coumadin warfarin eliquis apixaban comarketed with pfizer plavix clopidogrel comarketed with sanofi pravachol pravastatin diabetes mellitus bydureon exenatide extended release marketed by bms only in some countries byetta exenatide marketed by bms only in some countries such as russian federation farxiga forxiga dapagliflozin glucophage metformin marketed by bms only in usa glucophage xr