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BMS chief Christopher Boerner says company is still open to deals after spending more than $20B on M&A last year

2024-06-12

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Christopher Boerner made his comments shortly after Pfizer chief Albert Bourla, Ph.D.—speaking at the same Goldman Sachs event—told investors that his company was taking a “breathing period” from major business development moves.

As some pharma giants pump the brakes on big M&A deaPfizeristol Myers Squibb—hot off a series of rapid-fire acquisitions in 2023—says it still has dealmaking cash to deploy if the right target comes along.

BMS can continue to indulge its business development appBristol Myers Squibbstrong balance sheet, CEO Christopher Boerner told investors this week at Goldman Sachs’ 2024 Global Healthcare Conference.

“We’re going to be disciplined, as I said, and pay down the debt we accrued in doing the deals last year,” the CEO noted. “But with that in mind, as wGoldman Sachsortunities, we’re focused on the therapeutic areas we’re in.”

BMS charted a number of high-profile buyouts last year, starting with its $5.8 billion deal for KRAS inhibitor specialist Mirati Therapeutics in October.

Then, shortly before Christmas, the company threw down $14 billion more for Karuna Therapeutics KRAS inhibitor KRASits promising schizophMirati TherapeuticsXT. Just before the end of the year, BMS floated another $4.1 billion for radiopharmaceutical-focused RayzeBio.

“We need to make sure we execute against those deals,” Boerner said at GoldmKaruna Therapeuticss week.schizophrenia KarXT BMS

“Now, the good news is we closed both RayzeBio and Karuna relatively quGoldman SachsEO said. “And so, in terms of digesting those deals, I think we’re well down the path.”

Boerner was particularly enthusiastic RayzeBioe potKaruna launch of Karuna’s schizophrenia prospect KarXT—up for a decision at the FDA on Sept. 26—which the CEO called a “critically important growth driver.”

While Karuna granted Bristol “immediate entry” into the neuropsycholKarunaenaschizophreniaures BMS has room to grow in that field.FDA

"I think it's fair to say that the company is a bit subscale in that space," the CEO said. "And so that's going to be an area of focus for us."

As for RayzeBio, the acquired company last week had to temporarily halt enrollment in the late-stage ACTION-1 study of its lead radiotherapy candidate RYZ101 in neuroendocrine tumors due to a shortage of the isotope actinium.

Aside fRayzeBioology and cancer, BMS is also keeping its dealmaking options open in cardiovascular disease and immunology, where the company is “incredRYZ101xcitneuroendocrine tumorsal of its prospective cell therapy CD19 NEX-T in autoimmune diseases such as systemic lupus erythematosus, Boerner said.

Overall, Boerner said BMScancerneBMSto be “strategic in how we allocate capital,” whcardiovascular diseasebusiness development, but business development that’s going to contribute to growth in the back half of the decade.”autoimmune diseases systemic lupus erythematosus

Boerner made his comments shortly after Pfizer chief Albert Bourla—speaking at the same Goldman Sachs event—told investors that his company was taking a “breathing period” from major business development moves.

After spending tens of billions of dollaPfizerArena Pharmaceuticals, Biohaven Pharma, Global Blood Therapeutics and, most recently, Seagen, “[w]e need to catch our breath and make sure that we execute well on those [companies] that we have right now,” Bourla explained at the conference.

Bourla said he didn’t foresee the company compArena Pharmaceuticals MBiohaven Pharma mGlobal Blood Therapeuticsavoid disrupting PfizSeagenurrent commercial, research and manufacturing operations.

It’s a similar story over at AstraZeneca, where the British pharma’s helmsman, Pascal Soriot, recently said the company would eaPfizeron technology platform deals in the coming months.

“I think we have acquired andAstraZeneca of what we need for now and we need to execute on what we’ve got,” Soriot said on a recent earnings call. “But it doesn’t mean, of course, BD will come down to zero.”

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