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Moody’s cuts Bristol-Myers outlook on ImClone offer

SAN FRANCISCO (MarketWatch) — Moody’s Investors Service on Thursday revised Bristol-Myers Squibb Co.’s outlook to negative from stable and affirmed its A2 long-term and Prime-1 short-term ratings after the pharmaceutical company offered to buy ImClone Systems for $4.5 billion. “The proposed ImClone acquisition would nicely strengthen Bristol’s oncology platform. However, cushion in Bristol’s current credit rating to pursue additional biotech investments is slim,” said Michael Levesque, Moody’s senior vice president. Moody’s believes Bristol-Myers’ ongoing strategic shift away from stable and profitable medical products towards more specialized biotech products and the approaching U.S. patent expiration of Plavix in November 2011 are factors that raises the company’s credit risk profit.
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