BMS explores options31st January 2007
US drugmaker Bristol-Myers Squibb has appointed top Wall Street bank Lehman Brothers to work alongside Citigroup and Morgan Stanley ahead of an expected takeover attempt from France's Sanofi.
The move paves the way for a bidding war for the US$51bn (€39bn) US company by attracting rival pharmaceuticals groups such as Pfizer, Schering-Plough and Merck.
Sanofi hasn't yet hired any bank to advise it, and may have been caught by surprise when its designs on Bristol-Myers Squibb were leaked to the media.
Sanofi's blood-thinning drug Plavix is marketed in the United States by Bristol-Myers Squibb.
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Title: BMS explores options
Author: Sue Knights
Article Id: 1889
Date Added: 31st Jan 2007