Bristol Myers Squibb, like many of its big pharma peers, grew to be one of the world’s largest and most powerful drugmakers via deals.
Its name stems from two 19th-century companies that merged nearly four decades ago. Its second-biggest product, the immunotherapy Opdivo, was acquired from a small, New Jersey-based developer. Its position as a leading producer of cell therapies and blood cancer treatments was forged through the landmark, $74 billion buyout of Celgene in 2019.
Now, the company is trying to find success in a new frontier. Neuroscience has long been considered one of the most challenging arenas of drug research, but Bristol Myers executives say they’re eager to establish a reputation there.
They already have a foothold, too, as a $14 billion acquisition that closed in 2024 gave the company a first-of-its-kind medicine for schizophrenia. While sales of that medicine, Cobenfy, have so far been modest, the company sees it as the backbone to a potential psychiatry franchise. Clinical trials are currently testing it as a treatment for bipolar mania as well as the psychosis and agitation associated with Alzheimer’s disease. That psychosis study is “highly anticipated by investors,” according to William Blair analyst Matt Phipps, and should produce results this year.
