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Bristol-Myers Squibb Company (BMY) (JOBS) Enters Global Collaboration with Nissan Chemical Industries, Ltd. and Teijin Pharma on Novel Atrial Fibrillation Compound; Bristol to Pay $40 Million for Heart Drug


3/5/2009 7:46:47 AM

PRINCETON, N.J.--(BUSINESS WIRE)--Bristol-Myers Squibb Company (NYSE: BMY - News) today announced a global collaboration with Nissan Chemical Industries, Ltd. and Teijin Pharma Limited for the development and commercialization of NTC-801, a selective inhibitor of the acetylcholine-activated potassium ion channel (IKACh), currently in Phase I development in Japan, for the maintenance of normal sinus rhythm in patients with atrial fibrillation.

Under the terms of the collaboration agreement, Nissan Chemical and Teijin Pharma will grant to Bristol-Myers Squibb exclusive rights for the development and commercialization of NTC-801, and certain backup compounds, worldwide, excluding Japan. An upfront cash payment of $40 million, potential development based milestone payments of up to $170 million, sales based milestones of up to $175 million and royalties on net sales for licensed products are payable by Bristol-Myers Squibb. Nissan Chemical has previously granted Teijin Pharma exclusive rights to NTC-801 in Japan.

“There is significant unmet medical need for a more effective and safer therapy for atrial fibrillation,” said Francis Cuss, MD, senior vice president, Discovery and Exploratory Clinical Research, Bristol-Myers Squibb. “We are pleased to have the opportunity to work with Nissan Chemical and Teijin Pharma to develop this atrial-selective antiarrhythmic medicine. NTC-801 provides us with the opportunity to leverage our company’s deep expertise in helping patients prevail over cardiovascular disease, and further strengthens and expands our pipeline in cardiovascular adjacencies.”

NTC-801 is an oral inhibitor of the acetylcholine-activated potassium IKACh channel in Phase I development in Japan for the treatment of atrial fibrillation/flutter. Because IKACh channel activity is apparent in the atria, but not in the ventricles, NTC-801 could provide a more targeted and safer therapy for atrial fibrillation.

About Bristol-Myers Squibb

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to extend and enhance human life. For more information visit www.bms.com.

Bristol-Myers Squibb Forward-Looking Statements

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, regarding the research, development and commercialization of pharmaceutical products. 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. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that the clinical trials described in this release will support a regulatory filing or that the product described in this release will receive regulatory approval. There can be no assurance that if approved, the product will be commercially successful. Forward-looking statements in the press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb’s business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2008, its Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact:

Bristol-Myers Squibb Company Media Jennifer Fron Mauer, 609-252-6579 jennifer.mauer@bms.com Investors John Elicker, 609-252-4611 john.elicker@bms.com

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