Exhibit 99-1
Bristol-Myers Squibb Company
Contact: Patti Doykos Duquette Timothy P. Cost
(609) 252-3390 Investor Relations
(800) 862-0399 (pager) (212) 546-4103
PIN: 17286500
Nancy Goldfarb
(212) 546-5107
Wilson Grabill
(Delaware media)
(609) 252-4551
(609) 203-4429 (cell)
(800) 862-0399 (pager)
PIN: 16175700
BRISTOL-MYERS SQUIBB ACQUIRES DUPONT PHARMACEUTICALS COMPANY
-- One of Several Moves to Become More Focused Pharmaceutical Company --
-- Strengthens Virology and Cardiovascular Franchises,
R&D Pipeline and Discovery Efforts --
(NEW YORK, October 2, 2001) - Bristol-Myers Squibb Company (NYSE:BMY)
today announced that its $7.8 billion acquisition of DuPont Pharmaceuticals
Company (DuPont Pharma) from DuPont (NYSE:DD) is complete. The acquisition,
which was announced on June 7 and closed on October 1, is a key element of the
company's growth strategy through a greater focus on its medicines business.
"The acquisition of DuPont Pharma will make Bristol-Myers Squibb an
even stronger pharmaceutical company," said Peter R. Dolan, chairman and chief
executive officer, Bristol-Myers Squibb. "It will enable us to play a greater
leadership role, particularly in the areas of
-2-
virology and cardiovascular diseases, where there is a pressing need
to expand treatments and find new and better therapies. Our combined research
and development pipelines and truly innovative discovery efforts will usher in
medical advances for years to come in many areas of great human need."
With this acquisition, Bristol-Myers Squibb gains several important
in-line products, including SUSTIVA(TM), the leading non-nucleoside reverse
transcriptase inhibitor for the treatment of HIV/AIDS; COUMADIN(R), a
widely-used oral blood anticoagulant; and CARDIOLITE(R), a leading
cardiovascular medical imaging agent. The company also gains a rich and
productive R&D pipeline that contains a number of early compounds with novel
mechanisms that have the potential to be first in class and blockbusters. The
pipeline includes compounds in five therapeutic areas - virology, cardiovascular
diseases, inflammatory diseases, cancer and disorders of the central nervous
system.
Under the terms of the agreement, Bristol-Myers Squibb paid $7.8
billion in cash for DuPont Pharma. As Bristol-Myers Squibb stated on June 7, the
transaction is expected to be accretive to earnings per share (EPS) beginning in
2003. In 2002, it will be dilutive to EPS by between zero and three cents. In
2003, the transaction will be accretive to EPS by between six and eight cents.
In years following 2003, the annual EPS growth rate will be significantly
enhanced, probably in the range of two percentage points per year. As a result
of the transaction, the company expects to record a one-time, in-process R&D
write off and restructuring liability in the range of $2 billion to $3 billion.
The acquisition of DuPont Pharma is a key element in Bristol-Myers
Squibb's Strategy for Growth, which provides for an intensified focus on the
company's medicines business as its primary engine of growth through
acquisitions, divestitures, joint ventures, and co-
-3-
promotion and co-marketing arrangements. The strategy also envisions
maximizing the company's high-potential growth products and accelerating its R&D
pipeline.
In addition to the DuPont Pharma acquisition, the company already has
announced the sale of its Clairol haircare business, spun off its Zimmer
orthopaedic implants business and announced an agreement to invest in ImClone
Systems and to co-develop and co-promote IMC-C225, ImClone's promising
investigational cancer therapy. Bristol-Myers Squibb also announced earlier that
it expects to refile its New Drug Application with the U.S. Food and Drug
Administration for VANLEV, a novel hypertension treatment that was discovered in
the company's own labs.
Bristol-Myers Squibb is an $18 billion pharmaceutical and related
health care products company whose mission is to extend and enhance human life.
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 regarding,
among other things, statements relating to goals, plans and projections
regarding the company's financial position, results of operations, market
position, product development, growth opportunities for existing products,
operating efficiencies or synergies, and business strategy. These statements may
be identified by the fact that they use words such as "anticipate", "estimate",
"expect", "project", "intend", "plan", "believe", and other words and terms of
similar meaning in connection with any discussion of future operating or
financial performance. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties, including factors
that could delay, divert or change any of them, and could cause actual outcomes
and results to differ materially from current expectations. These factors
include, among other things, market factors, competitive product development,
governmental regulations and legislation,
-more-
-4-
patent positions and litigation. For further details and a discussion of these
and other risks and uncertainties, see the company's Securities and Exchange
Commission filings, including the company's 2000 annual report or Form10-K. We
undertake no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Visit Bristol-Myers Squibb on the worldwide web at www.bms.com
###
Bristol-Myers Squibb Company
Contact: Patti Doykos Duquette Timothy P. Cost
(609) 252-3390 Investor Relations
(800) 862-0399 (pager) (212) 546-4103
PIN: 17286500
Nancy Goldfarb
(212) 546-5107
Wilson Grabill
(Delaware media)
(609) 252-4551
(609) 203-4429 (cell)
(800) 862-0399 (pager)
PIN: 16175700
BRISTOL-MYERS SQUIBB ACQUIRES DUPONT PHARMACEUTICALS COMPANY
-- One of Several Moves to Become More Focused Pharmaceutical Company --
-- Strengthens Virology and Cardiovascular Franchises,
R&D Pipeline and Discovery Efforts --
(NEW YORK, October 2, 2001) - Bristol-Myers Squibb Company (NYSE:BMY)
today announced that its $7.8 billion acquisition of DuPont Pharmaceuticals
Company (DuPont Pharma) from DuPont (NYSE:DD) is complete. The acquisition,
which was announced on June 7 and closed on October 1, is a key element of the
company's growth strategy through a greater focus on its medicines business.
"The acquisition of DuPont Pharma will make Bristol-Myers Squibb an
even stronger pharmaceutical company," said Peter R. Dolan, chairman and chief
executive officer, Bristol-Myers Squibb. "It will enable us to play a greater
leadership role, particularly in the areas of
-2-
virology and cardiovascular diseases, where there is a pressing need
to expand treatments and find new and better therapies. Our combined research
and development pipelines and truly innovative discovery efforts will usher in
medical advances for years to come in many areas of great human need."
With this acquisition, Bristol-Myers Squibb gains several important
in-line products, including SUSTIVA(TM), the leading non-nucleoside reverse
transcriptase inhibitor for the treatment of HIV/AIDS; COUMADIN(R), a
widely-used oral blood anticoagulant; and CARDIOLITE(R), a leading
cardiovascular medical imaging agent. The company also gains a rich and
productive R&D pipeline that contains a number of early compounds with novel
mechanisms that have the potential to be first in class and blockbusters. The
pipeline includes compounds in five therapeutic areas - virology, cardiovascular
diseases, inflammatory diseases, cancer and disorders of the central nervous
system.
Under the terms of the agreement, Bristol-Myers Squibb paid $7.8
billion in cash for DuPont Pharma. As Bristol-Myers Squibb stated on June 7, the
transaction is expected to be accretive to earnings per share (EPS) beginning in
2003. In 2002, it will be dilutive to EPS by between zero and three cents. In
2003, the transaction will be accretive to EPS by between six and eight cents.
In years following 2003, the annual EPS growth rate will be significantly
enhanced, probably in the range of two percentage points per year. As a result
of the transaction, the company expects to record a one-time, in-process R&D
write off and restructuring liability in the range of $2 billion to $3 billion.
The acquisition of DuPont Pharma is a key element in Bristol-Myers
Squibb's Strategy for Growth, which provides for an intensified focus on the
company's medicines business as its primary engine of growth through
acquisitions, divestitures, joint ventures, and co-
-3-
promotion and co-marketing arrangements. The strategy also envisions
maximizing the company's high-potential growth products and accelerating its R&D
pipeline.
In addition to the DuPont Pharma acquisition, the company already has
announced the sale of its Clairol haircare business, spun off its Zimmer
orthopaedic implants business and announced an agreement to invest in ImClone
Systems and to co-develop and co-promote IMC-C225, ImClone's promising
investigational cancer therapy. Bristol-Myers Squibb also announced earlier that
it expects to refile its New Drug Application with the U.S. Food and Drug
Administration for VANLEV, a novel hypertension treatment that was discovered in
the company's own labs.
Bristol-Myers Squibb is an $18 billion pharmaceutical and related
health care products company whose mission is to extend and enhance human life.
This press release includes certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 regarding,
among other things, statements relating to goals, plans and projections
regarding the company's financial position, results of operations, market
position, product development, growth opportunities for existing products,
operating efficiencies or synergies, and business strategy. These statements may
be identified by the fact that they use words such as "anticipate", "estimate",
"expect", "project", "intend", "plan", "believe", and other words and terms of
similar meaning in connection with any discussion of future operating or
financial performance. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties, including factors
that could delay, divert or change any of them, and could cause actual outcomes
and results to differ materially from current expectations. These factors
include, among other things, market factors, competitive product development,
governmental regulations and legislation,
-more-
-4-
patent positions and litigation. For further details and a discussion of these
and other risks and uncertainties, see the company's Securities and Exchange
Commission filings, including the company's 2000 annual report or Form10-K. We
undertake no obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or otherwise.
Visit Bristol-Myers Squibb on the worldwide web at www.bms.com
###