Bristol-Myers Squibb Company (BMY) Skin-Cancer Drug Rejected by U.K. Cost Agency  
10/14/2011 7:45:54 AM

Bristol-Myers Squibb Co. (BMY)’s Yervoy drug was rejected by the U.K.’s health-cost agency, which suggested the company consider lowering the price of the skin- cancer treatment. About 30 percent of patients treated with the drug would have improved survival, with 10 percent potentially experiencing long-term benefits, the National Institute for Health and Clinical Excellence said in a statement today, citing clinical specialists. The drug costs about 80,000 pounds ($125,600) per patient, said the agency, known as NICE, which advises the National Health Service on whether drugs provide value for money.