Bristol-Myers Squibb expands R&D to neurodegenerative diseases, reports first-quarter financials

Bristol-Myers Squibb today announced its acquisition of iPierian Inc., a private biotechnology company that develops new treatments for tauopathies, and released financial results for the first quarter of 2014, according to a press release.

The company posted first-quarter revenues of $3.8 billion, indicating a 1% decrease from last year’s first quarter. Global revenues increased 5% to $3.6 billion, which excludes the recently dismantled diabetes business. Bristol-Myers Squibb completed the sale of its global diabetes business, Diabetes Alliance, to AstraZeneca in February.

Bristol-Myers Squibb reported non-generally accepted accounting principles (non-GAAP) net earnings of $766 million, or $0.46 per share, in the first quarter, according to the financial report. The company plans to adjust its GAAP earnings per share guidance range from between $1.75 and $1.90 to between $1.70 and $1.80; and its non-GAAP earnings per share guidance range from between $1.65 and $1.80 to between $1.70 and $1.80.

Regarding research and development, Bristol-Myers Squibb and Pfizer announced in March that the FDA approved a supplemental new drug application for apixaban (Eliquis) to reduce the risk for deep vein thrombosis among patients who undergo hip or knee replacement surgery. Further, the company plans to initiate a rolling submission for the use of nivolumab to treat non–small cell lung cancer.

The acquisition of iPierian Inc. grants Bristol-Myers Squibb rights to IPN007, a preclinical monoclonal antibody that will potentially treat progressive supranuclear palsy and other tauopathies. The antibody is expected to enter phase 1 clinical trials by early 2015.

“As part of our evolution to a diversified specialty biopharma company, we have identified genetically defined diseases as an area where the company has an opportunity to significantly advance the standard of care for patients with limited treatment options. The acquisition of iPierian supports our growing efforts in this area and builds on Bristol-Myers Squibb’s internal expertise and alliances focused on the tau pathway and neurodegenerative diseases,” Francis Cuss, executive vice president and chief scientific officer of Bristol-Myers Squibb, said in the release.