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Brief History of Bristol-Myers Squibb
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This information is intended for U.S. residents only.
BRISTOL-MYERS
In 1887 William McLaren Bristol and John Ripley Myers decided to
sink $5,000 into a failing drug manufacturing firm called the Clinton
Pharmaceutical Company, located in Clinton, New York. The company
was officially incorporated on December 13, 1887, with William Bristol
as president and John Myers as vice president.
The partners worked hard to expand the business, but at first it
was an uphill struggle. From the start, however, they had two rules:
insist on high quality and maintain the firms good financial
standing at all costs.
In May 1898 came a new name: Bristol, Myers Company (a hyphen would
replace the comma after Myerss death in 1899, when the company
became a corporation). Not until 1900 did Bristol-Myers break through
into the black -- where it has remained ever since.
The companys first nationally recognized product was termed
a poor mans spa by chief chemist J. Leroy Webber:
a laxative mineral salt that, when dissolved in water, reproduced
the taste and effects of the natural mineral waters of Bohemia.
Christened Sal Hepatica, the new product sold modestly for eight
years. Then, from 1903 to 1905, sales suddenly mushroomed tenfold.
Another runaway success of this era was Ipana toothpaste, the first
toothpaste to include a disinfectant in its formula and thus protect
against the effects of bleeding gums. The demand for Sal Hepatica
and Ipana transformed Bristol-Myers from a regional into a national
company and then an international one.
In 1924, gross profits topped $1 million for the first time in Bristol-Myers
history. The companys products were now sold in 26 countries.
At this point, the shares held by John Myerss heirs became
available for sale, triggering a series of moves that in 1929 turned
Bristol-Myers into a publicly held company, listed on the New York
Stock Exchange.
The
postwar depression prompted Bristol-Myers to jettison its pharmaceutical
business and devote itself entirely to its specialties: Sal Hepatica
and Ipana, its two big winners, and a dozen or so assorted toiletries,
antiseptics and cough syrups. Company headquarters were established
in Manhattan. And having shifted squarely into the consumer products
arena, Bristol-Myers began advertising its products directly to
the public.
With the acquisition in 1943 of Cheplin Laboratories -- a Syracuse,
New York manufacturer of acidophilus milk -- Bristol-Myers again
became a producer of pharmaceutical products. Cheplin, which had
expertise in fermentation techniques, became a key supplier to the
U.S. War Production Boards crash program to mass-produce penicillin
for the Allied armed forces.
By
the end of the war, it was clear that penicillin and other antibiotics
represented an immense opportunity for Bristol-Myers. Cheplin was
renamed Bristol Laboratories, and Frederic N. Schwartz was put in
charge of it.
In 1957 Schwartz was appointed president and chief executive officer
of Bristol-Myers when Henry Bristol, approaching 70, chose to shed
some of his former responsibilities and become chairman of the board.
Reviewing the companys situation and prospects, Schwartz and
then-treasurer Gavin K. MacBain -- later Schwartzs successor
as CEO -- decided that Bristol-Myers should embark on a program
of acquiring well-managed smaller companies. The two executives
first major move in that direction was to acquire Clairol, a company
founded by the husband-and-wife team of Lawrence M. Gelb and Joan
Clair, which had turned haircoloring from a difficult-to-use specialty
item into a highly successful mainstream consumer product. With
Clairol also came the executive who in 1972 was to succeed MacBain
as CEO of Bristol-Myers Company: Richard L. Gelb, elder son of Clairols
founders. In 1976 Richard Gelb was elected chairman of the board.
Within a dozen or so years after Clairol joined the company, a number
of other acquisitions followed, including those of Drackett, Mead
Johnson, Zimmer and Westwood.
In 1986 the company opened a state-of-the-art research complex in
Wallingford, Connecticut, designed to house more than 800 scientists
and support staff. (In 1995, this facility would be renamed the
Richard L. Gelb Center for Pharmaceutical Research and Development.)
SQUIBB
In 1858 Edward Robinson Squibb founded a pharmaceutical company
in Brooklyn, New York, dedicated to the production of consistently
pure medicines.
In 1895 Squibb passed most of the responsibility for managing the
firm to his sons, Charles and Edward. The company became known as
E.R. Squibb & Sons.
In 1905 the Squibb sons sold the company to Lowell M. Palmer and
Theodore Weicker, and the company became incorporated. That same
year, land was purchased at New Brunswick, New Jersey, for establishment
of an ether production plant.
In 1906, six years after Edward Squibbs death, Congress passed
the Pure Food and Drugs Act. The law still stands as the triumph
of his lifelong crusade for safe, reliable pharmaceutical products.
Around
the same time, the prototype of the Squibb logo was designed. The
logo represented product uniformity, purity, efficacy and reliability
based on research.
In 1921 the company coined its slogan: "The priceless ingredient
in every product is the honor and integrity of its maker."
In 1938 the Squibb Institute for Medical Research was established.
In 1944 Squibb opened the largest penicillin production plant in
the world; in New Brunswick, New Jersey.
In 1946 Squibb International was incorporated and the company expanded
into South America and Europe while building manufacturing facilities
in Mexico, Italy and Argentina.
In 1971 Squibb Corporation established worldwide headquarters and
expanded facilities for the Squibb Institute in Princeton, New Jersey.
In 1975 Squibb researchers Miguel A. Ondetti, Bernard Rubin and
David W. Cushman created Capoten®
(captopril) -- the first in a new class of antihypertensive
agents called ACE inhibitors. Capoten was an important new
medical discovery for the treatment of patients with high blood
pressure. In 1999, Cushman and Ondetti would be honored further
with the prestigious Lasker Award.
BRISTOL-MYERS SQUIBB
In 1989 Bristol-Myers merged with Squibb, creating a global leader
in the health care industry. The merger created what was then the
worlds second-largest pharmaceutical enterprise.
In
1990 the Bristol-Myers Squibb Pharmaceutical Research Institute
was established with headquarters in Princeton, New Jersey, and
research facilities in Wallingford, Connecticut, and other sites
around the world.
In
1991, the company received U.S. Food and Drug Administration (FDA)
approval in the U.S. for Videx®
(didanosine) also known as ddI, making it the second medicine
available for treating HIV infection (the other being AZT). Other
approvals that year included an antibiotic, Cefzil®
(cefprozil); two cardiovascular agents, Pravachol®
(pravastatin sodium) Tablets and Monopril®
(fosinopril sodium) Tablets; and a central nervous system drug,
Stadol
NS® (butorphanol
tartrate) C-IV.
In
that same year, the company signed a Cooperative Research and Development
Agreement with the National Cancer Institute to research and develop
a new compound for treating certain types of cancer. This compound,
TAXOL®
(paclitaxel) Injection, immediately was established as the companys
top research priority. Bristol-Myers Squibb invested hundreds of
millions of dollars to supply TAXOL in sufficient quantities
for clinical trials, to prepare data for regulatory submission and
to develop alternative sources of TAXOL (which originally
was derived from the bark of an endangered tree, the Pacific Yew).
TAXOL launched in 1993 and quickly became one of the worlds
most widely used cancer treatments.
In
1994, Charles A. Heimbold, Jr. was elected chief executive officer.
Also in 1994, the company completed its acquisition of UPSA, a leading
maker of pharmaceutical and consumer medicines, based in France.
It acquired Glucophage®
(metformin hydrochloride tablets), a new oral medication for
type 2 diabetes, from Lipha. And it received FDA approval of Zerit®
(stavudine), an HIV medication.
In
May 1995 the board of directors conferred the title of chairman
emeritus on Richard L. Gelb for his long and distinguished career.
Mr. Heimbold became chairman as well as CEO. By the end of that
year, the company had over 60 product lines with $50 million or
more in annual sales worldwide.
Beginning
in 1995, Pravachol®
(pravastatin sodium) was granted expanded usage from the FDA
for reducing risk of heart attack or death in patients with elevated
cholesterol or chronic heart disease.
In
1997, the company intensified its investment in pharmaceutical research
and development, opening a new, 433-acre research campus in Hopewell,
New Jersey. And two important new medicines co-developed with Sanofi-Sythelabo
received approvals: Avapro® (irbesartan), an anti-hypertensive, and Plavix® (clopidogrel
bisulfate), an anti-platelet agent.
At
the beginning of 1998, the FDA granted clearance to market
Excedrin® Migraine for the relief of migraine headache
pain and associated symptoms. Excedrin Migraine became the
first migraine headache medication available to consumers without
a prescription.
In
December of that same year, Bristol-Myers Squibb received the National
Medal of Technology -- Americas highest honor for technological
innovation -- "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."
In
1999, Bristol-Myers Squibb announced SECURE
THE FUTURE, a $100 million commitment to advance HIV/AIDS
research and community outreach programs in five southern African
countries: South Africa, Botswana, Namibia, Lesotho and Swaziland.
SECURE THE FUTURE grants are funding a laboratory for local
HIV monitoring and research; an HIV nursing curriculum; physicians
exchange programs between Africa and the U.S.; large-scale studies
of the feasibility and effectiveness of antiretroviral therapy in
Africa for both prevention and treatment; a childrens clinical
center of excellence in Botswana; and many community-driven initiatives
such as orphan care, home care, counseling and other services.
And
in 2000, Bristol-Myers Squibb, together with four other pharmaceutical
companies and international agencies, joined the UNAIDS Drug ACCESS
Initiative. The ACCESS program aims to make antiretroviral medicines
and therapies to treat opportunistic infections more widely available
in African countries that have developed a coherent national AIDS
strategy. As part of the program, the company offered to lower the
prices of HIV/AIDS medicines in those countries by 90 percent.
More
recently, Bristol-Myers Squibb took its access efforts a step
further,
offering HIV/AIDS drugs below cost in Africa and committing an
additional $15 million for extending SECURE THE FUTURE to
four Western African countries -- Burkina Faso, Côte dIvoire,
Mali and Senegal. The company is also ensuring that its patents
do not
prevent inexpensive HIV/AIDS therapy in Africa. The patent for Zerit,
rights to which are owned by Yale University and Bristol-Myers
Squibb,
is now available at no cost to treat HIV in southern Africa.
In
September 2000, Bristol-Myers Squibb announced a new strategy that
includes a sharpened focus on medicines and an aggressive external
development program. As part of this new strategy, the company announced
its intention to divest its Clairol and Zimmer businesses.
In
that year, the company launched
Tequin® (gatifloxacin) Tablets and Injection, an
advanced-generation quinolone antibiotic, and Glucovance®
(glyburide and metformin HCI tablets), a single-pill combination
of metformin and glyburide for type 2 diabetes. It also launched
Glucophage®
XR (metformin hydrochloride extended-release tablets), a once-daily
formulation of Glucophage, which had become the most prescribed
branded oral anti-diabetic in the U.S.
In
February 2001, Bristol-Myers Squibb was chosen "Americas Most
Admired Pharmaceutical Company" by FORTUNE Magazine.
In
May 2001, Peter R. Dolan, a 13-year veteran of the company, succeeded
Charles A. Heimbold, Jr., as chief executive officer.
At around this same time, President George W. Bush announced
his intention to nominate Heimbold to become the next United
States ambassador to Sweden. Heimbold assumed his duties as
ambassador in September 2001, and Dolan was named chairman
of the Board as well as CEO. In June 2005, the Board of Directors
decided to split the roles of CEO and chairman, and James D.
Robinson III was named chairman of the Board. Dolan retained
his title of CEO until September 2006.
In
June 2001,
the company announced that it had entered into
a definitive agreement to acquire the DuPont
Pharmaceuticals Company for $7.8 billion, an acquisition intended
to further strengthen Bristol-Myers Squibbs medicines
business. In August 2001, the company completed the spin-off
of the Zimmer
orthopaedics business, and the DuPont transaction officially closed
as of October 1, 2001.
With
the DuPont acquisition, Bristol-Myers Squibb added Sustiva®
(efavirenz) Capsules to its HIV portfolio and also gained products
such as Coumadin®
(warfarin sodium tablets, USP) Crystalline, the U.S. leading
prescribed anti-coagulant and Cardiolite®
(Kit for the preparation of Technetium Tc99m Sestamibi for Injection),
a medical imaging agent.
In November 2002, the FDA approved Abilify®
(aripiprazole) for the treatment of schizophrenia. It is jointly
marketed in the U.S. by Bristol-Myers Squibb and Otsuka America
Pharmaceutical, Inc. Bristol-Myers Squibb and Otsuka Pharmaceutical
Co., Ltd., are also collaborative partners in the development and
commercialization of aripiprazole in major European and Latin American
countries.
In
2003, the company teamed up with cancer survivor and Tour de France
champion Lance Armstrong to sponsor the Bristol-Myers Squibb TOUR
OF HOPE™,
an unprecedented week-long coast-to-coast cycling event. En route,
the 26-member team of cancer survivors, caregivers, physicians,
nurses and researchers raised awareness of cancer research and the
importance of clinical trials in developing new treatments. Building
on the success of the 2003 event, Armstrong and Bristol-Myers Squibb
teamed up once again to sponsor the 2004 Tour of Hope coast-to-coast
cycling event.
Reyataz®
(atazanavir sulfate), the first protease inhibitor for the treatment
of HIV/AIDS with once-a-day dosing, was introduced in the U.S. in
July 2003 and approved for marketing in Europe in March 2004.
On
February 12, 2004, the FDA approved ERBITUX® (Cetuximab), codeveloped and comarketed with ImClone Systems
Incorporated.
On
March 29, 2005, the FDA approved Baraclude®
(entecavir). Baraclude, discovered by Bristol-Myers
Squibb scientists, is indicated for the treatment of chronic hepatitis
B infection.
Bristol-Myers
Squibb announced the FDA approval of Orencia® (abatacept) for the treatment of rheumatoid arthritis on December 23, 2005.
Orencia is the first in a new class of medications for this disease.
On
February 28, 2006, Bristol-Myers Squibb and Somerset Pharmaceuticals
announced FDA approval of EMSAM® (selegiline trasdermal
system), the first transdermal patch for the treatment of major
depressive
disorder.
SPRYCEL® (dasatinib),
discovered by Bristol-Myers Squibb scientists, was approved by
the FDA on June 28, 2006,
for the treatment
of chronic myeloid leukemia.
Bristol-Myers
Squibb and Gilead Sciences announced the FDA approval of ATRIPLA™ (efavirenz
600 mg/ emtricitabine 200 mg/ tenofovir disoproxil fumarate
300 mg) on July 12, 2006. ATRIPLA is the first-ever
once-daily single tablet regimen for HIV.
On
September 12, 2006, the Board of Directors announced the departure
of Peter Dolan as CEO and the appointment of James M. Cornelius
as CEO on an interim basis. Cornelius had been a member of the
Board since January 2005.
Today,
Bristol-Myers Squibb is proud to be a global leader in the research
and development of innovative treatments for cancer, cardiovascular
and metabolic diseases, hepatitis, HIV/AIDS, psychiatric disorders,
rheumatoid arthritis and other serious diseases.
And
tomorrow? The best is yet to be.
Please
click on the product name to see Full Prescribing Information
for Videx®,
Cefzil®,
Pravachol®,
Monopril®,
Stadol
NS®, TAXOL®,
Glucophage®, Zerit®,
Avapro®, Plavix®,
Tequin®, Glucovance®,
Glucophage®XR, Sustiva®,
Coumadin®, Cardiolite®,
Abilify®, Reyataz®,
ERBITUX®, Baraclude®,
Orencia®, EMSAM®, SPRYCEL® and
including boxed WARNINGS for Videx®,
Monopril®,
TAXOL®, ERBITUX®, Baraclude®,
EMSAM®
and ATRIPLA boxed WARNING
for Glucophage®,
Glucovance® and Glucophage®XR
regarding lactic acidosis, and boxed WARNING for Avapro regarding
use in pregancy. As soon as pregnancy is detected, discontinue
use
of Avapro®.
Last
updated October 2006
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