Elevating Jim Cornelius from interim to permanent CEO of Bristol-Myers Squibb Co. makes the drug giant more expensive for another company to buy, an analyst told Bloomberg.
Michael Krensavage of Raymond James & Associates said this morning’s announcement won’t stop speculation that the
Another analyst, Les Funtleyder of Miller Tabak & Co. in
Cornelius joined Bristol-Myers as interim CEO in September after the company fired CEO Peter Dolan over problems including botching an attempt to keep a generic version of its Plavix blood thinner off the market.
The 63-year-old Zionsville businessman was chairman and CEO of Indianapolis-based Guidant Corp. when the company was sold in April 2006 to Boston Scientific Corp. for $27 billion.
The sale ended a bidding war with Johnson & Johnson of
Cornelius, a former chief financial officer at Eli Lilly and Co., jumped to Guidant when it was spun off from the