Schering-Plough eyeing merger with Bristol-Myers Squibb?
As Europe was closing down ahead of the weekend on Friday, September 15, rumors were getting stronger and stronger that troubled Bristol-Myers Squibb, which has just fired its chief executive Peter Dolan, was about to be the subject of a merger offer from fellow US drug major Schering-Plough.
In morning trading in New York, B-MS stock rose 2% to $25.04 on the speculation, while S-P gained 1% to $21.30.
An outright takeover by S-P was not likely, given that the firm is capitalized at around $31.0 billion versus B-MS' $49.0 billion, but the Newark Star Ledger newspaper, quoting "three people with direct knowledge of S-P's deliberations," would provide the latter with a formidable pipeline of cancer, antiviral. HIV/AIDS and hepatitis C drug candidates.
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