Episode 8: Bristol Myers Squibb

In this episode of Petri Dish Perspectives: Biotech Unleashed, we journey through the 165+ year saga of Bristol Myers Squibb (BMS) — from 19th-century Brooklyn apothecaries and sparkling laxatives 💊 to cutting-edge CAR-T therapies and checkpoint inhibitors in cancer treatment 🧫🔥.

Host Manead, a PhD scientist in cancer biology and analytical chemistry, breaks down:

📜 The parallel founding stories of E.R. Squibb & Sons and Bristol-Myers
 🧠 The game-changing 1989 merger that created BMS
 ❤️ Blockbuster hits in cardiovascular health (Plavix, anyone?)
 🧪 The leap into immuno-oncology with Opdivo and Yervoy
🧲 The bold $74B acquisition of Celgene — and how it supercharged BMS’s cell therapy pipeline
🚀 What’s next in AI-driven R&D, off-the-shelf CAR-Ts, and more

If you’re curious how a legacy pharma reinvented itself into an oncology and biotech juggernaut, this episode is for you.

🎧 Grab your favorite drink and tune in to explore the science, the strategy, and the standout leaders behind BMS.

#PetriDishPerspectives #BiotechUnleashed #BMS #Immunotherapy #CAR_T #PharmaHistory #Oncology #BiotechPodcast

Chapters

• 0:41 Founding Story
• 5:26 From Cardiovascular Dominance to Cancer Crusade
• 6:16 Opdivo and the Rise of Immuno-Oncology
• 7:17 Celgene Acquisition
• 9:33 Cell Therapy and the Future of Cancer Treatment
• 10:23 Diversifying the Pipeline – Beyond Oncology
• 11:20 Dr. Giovanni Caforio
• 11:57 What’s Next for BMS?
• 12:55 Keys to BMS’s Success

Transcript

Intro

Hello and welcome to Petri Dish Perspectives: Biotech Unleashed, the podcast where we geek out about science and the companies shaping the future of healthcare. I’m your host, Manead, and I’m a scientist with a PhD background in cancer biology and analytical chemistry. With every episode, my goal is to deliver digestible pieces of information on healthcare companies under 30 mins.

Today, we’re heading to New York City to unravel the story of Bristol Myers Squibb, or BMS — one of the most iconic names in biopharma. From humble 19th-century beginnings to cutting-edge immuno-oncology, this company’s journey is packed with breakthroughs, blockbuster drugs, and bold acquisitions.

So grab your coffee or tea, settle in, and let’s jump right in!

Segment 1: Humble Beginnings – From Apothecaries to Powerhouse

Let’s wind the clock all the way back to the mid-19th century — a time before antibiotics, before molecular biology, and long before the biotech boom. Bristol Myers Squibb, or BMS as we know it today, was born from the eventual fusion of two distinct companies with very different personalities, but one shared trait: a relentless pursuit of innovation in medicine.

It all started in 1858 with a man named Edward Robinson Squibb. A Navy physician, Squibb was deeply frustrated by the low-quality, inconsistent medicines available during his time. Working in the Brooklyn Naval Yard, he witnessed firsthand how poorly formulated drugs were harming patients rather than healing them. So, he took matters into his own hands — quite literally.

In 1858, he founded E.R. Squibb & Sons in Brooklyn, with a radical idea: to create medicines that were not only effective, but scientifically pure. Squibb was a man of principle. He refused to compromise on quality, even when it cost him profit. He rejected lucrative government contracts if the drugs didn’t meet his standards — a bold move in a time when regulation was practically nonexistent.

Fun fact: Squibb was also an inventor. He designed an improved ether distillation device, and instead of patenting it, he gave it away freely for the betterment of public health. That tells you a lot about his philosophy.

Over the next few decades, E.R. Squibb & Sons built a reputation for producing some of the highest-quality medicines in the U.S., supplying everything from morphine to quinine during the Civil War and Spanish-American War. By the early 1900s, Squibb’s firm had grown into a respected pharmaceutical manufacturer with a global footprint — and a scientific ethos that would shape its legacy.

 On the other side of the map, in 1887, two entrepreneurs — William McLaren Bristol and John Ripley Myers — purchased a small struggling drug manufacturer in Clinton, New York. The company had been producing a mix of over-the-counter remedies with some success. But under Bristol and Myers, things were about to take off.

They renamed it the Bristol-Myers Company, and their strategy was clever: tap into the booming consumer market with accessible, branded medications. They launched products like Sal Hepatica, a sparkling laxative mineral salt that mimicked the effects of European spa waters. It became a staple in American households.

Then came Ipana, a toothpaste with antiseptic properties and one of the first consumer health products to benefit from radio advertising in the 1920s. Thanks to smart marketing and a flair for public appeal, Bristol-Myers gained a reputation as a consumer-friendly health brand.

While E.R. Squibb was the science-driven purist, Bristol-Myers was the scrappy commercializer — think of it as the biotech version of brains meets brand.

For most of the 20th century, these companies operated in parallel but separate tracks — Squibb focusing on hospital-grade medicines, Bristol-Myers expanding its reach into consumer products and eventually prescription pharmaceuticals. 

In 1989, Bristol-Myers and Squibb merged through a $12 billion stock-swap deal, creating Bristol Myers Squibb. This merger combined their sales, which were $8.6 billion, and their total market value, which was nearly $27 billion, according to the Los Angeles Times. The agreement involved Bristol-Myers exchanging 2.4 shares for each outstanding Squibb share, issuing 242 million shares, and valuing the transaction at $11.98 billion, according to the Los Angeles Times. Squibb also granted Bristol-Myers the right to purchase about 20% of Squibb's outstanding stock at $123.90 per share. The union blended Squibb’s rigorous scientific culture with Bristol-Myers’ commercial savvy — setting the stage for BMS to become one of the most powerful players in modern drug development. In 1990, BMS’s stock was $18.81 a piece. 

Segment 2: From Cardiovascular Dominance to Cancer Crusade

In the 1990s and early 2000s, BMS dominated cardiovascular and metabolic disease markets.

Blockbusters included:

• Plavix: a blood thinner developed with Sanofi that became a global staple in cardiovascular care.
  
  
  
• Avapro and Pravachol: both major players in hypertension and cholesterol management.

But like many pharma giants, BMS faced a patent cliff. As generics eroded these cash cows, BMS had to reinvent itself — and fast.

So, it pivoted. The company narrowed its focus, exited several therapeutic areas, and set its sights on one of the most promising frontiers: immuno-oncology.

Segment 3: Opdivo and the Rise of Immuno-Oncology

BMS’s reinvention paid off big with Opdivo (nivolumab), a checkpoint inhibitor that blocks PD-1, allowing the immune system to recognize and attack tumors.

Approved by the FDA in 2014 for melanoma, Opdivo soon expanded into lung, kidney, bladder, liver, and other cancers — quickly becoming a multibillion-dollar franchise.

They paired it with Yervoy (ipilimumab), a CTLA-4 inhibitor and one of the first drugs in the immune checkpoint space, approved back in 2011. The Opdivo-Yervoy combo became a standard-of-care in several cancer types.

This was a defining moment. BMS went from a traditional pharma player to an immunotherapy trailblazer, rivaling Merck’s Keytruda in the IO arms race.

Segment 4: Mega Moves – The Celgene Acquisition

In 2019, BMS made headlines with one of the biggest biotech deals ever: the $74 billion acquisition of Celgene.

Why Celgene? Simple: their pipeline was stacked.

• Revlimid: a blockbuster for multiple myeloma, a blood cancer that develops from plasma cells in the bone marrow
• A robust CAR-T portfolio, including liso-cel and ide-cel.
• Promising assets in hematology and inflammation.

The acquisition came with some risk — Revlimid's patent was nearing expiration — but BMS bet on long-term diversification. It was a bold move to beef up its oncology and immunology franchises and stay relevant in a competitive landscape.

Side note on CAR-T (Chimeric Antigen Receptor T-cell) therapy is a type of cell-based immunotherapy used to treat certain blood cancers, like leukemia and lymphoma.

Here’s how it works:

1. T cells (a type of immune cell) are collected from the patient’s blood.
2. These cells are genetically modified in a lab to express a synthetic receptor called a CAR (chimeric antigen receptor). This receptor helps the T cells recognize and bind to specific proteins on the surface of cancer cells.
3. The engineered CAR-T cells are then expanded in number and infused back into the patient.
   Once inside the body, these supercharged T cells seek out and destroy the cancer cells.

It’s like turning the patient’s own immune cells into guided missiles that can target and kill cancer.

CAR-T has shown remarkable success in some patients who didn’t respond to other treatments, but it can also have serious side effects like cytokine release syndrome (a strong immune reaction). It’s currently FDA-approved for certain types of leukemia, lymphoma, and multiple myeloma — and research is ongoing to expand its use into solid tumors.

Segment 5: Cell Therapy and the Future of Cancer Treatment

Thanks to Celgene, BMS is now a top player in cell therapy.

Two CAR-T therapies stand out:

• Abecma (idecabtagene vicleucel): for multiple myeloma.
• Breyanzi (lisocabtagene maraleucel): for certain lymphomas, blood cancer affecting the body’s immune system

These personalized cancer treatments involve engineering a patient’s own T cells to kill cancer cells — a true leap forward in oncology.

BMS is also expanding into next-gen platforms like TCR-T, dual-target CARs, and allogeneic cell therapies.

While cell therapy manufacturing remains a logistical challenge, BMS is heavily investing in dedicated facilities and digital supply chains to make it work.

Segment 6: Diversifying the Pipeline – Beyond Oncology

Although cancer gets the spotlight, BMS hasn’t forgotten about other disease areas.

Its pipeline includes:

• Zeposia (ozanimod): an oral therapy for multiple sclerosis and ulcerative colitis.
• Camzyos (mavacamten): a first-in-class drug for hypertrophic cardiomyopathy.
• A growing presence in fibrosis, autoimmune diseases, and cardiovascular conditions.

Post-Celgene, BMS also picked up Myokardia for $13 billion, reinforcing its cardiology footprint.

Their strategy? Focus on differentiated, high-value assets that can dominate niche indications — not just go head-to-head with giants.

Segment 7: People Who Made Their Mark – Giovanni Caforio

Let’s give credit where it’s due — to former CEO Giovanni Caforio.

A physician by training, Caforio led BMS from 2015 to 2023. Under his leadership:

• The company doubled down on immuno-oncology.
• Pulled off the Celgene deal.
• Streamlined operations while ramping up pipeline investment.

His successor, Christopher Boerner, took over in 2023 and is continuing the momentum, especially in AI integration, pipeline execution, and shareholder return.

Segment 8: What’s Next for BMS?

Here’s what’s on the radar for BMS:

• Continued growth in cell therapy — including off-the-shelf CAR-Ts.
• Expansion of Opdivo and Yervoy into new cancer types and earlier-line settings.
• New launches in cardiology, fibrosis, and autoimmune diseases.
• Deeper integration of AI and digital platforms to streamline R&D and manufacturing.
• A focus on sustainability and health equity, including expanded patient access programs.

Despite looming patent expirations, BMS is betting that its next-gen pipeline will carry the torch. When this episode was recorded in June 2025, BMS’s stock stands at $46.84 a piece, a whopping 6 times jump from 40 years ago. And, the market cap for BMS is $124B. 

Segment 9: Keys to BMS’s Success

Let’s wrap up with what makes BMS tick:

• Pioneering Immuno-Oncology: First to market with CTLA-4 and PD-1 inhibitors.
• Strategic Acquisitions: Celgene, Myokardia, and Karuna (recent bid) helped expand into new modalities.
• Diversified Focus: Balanced presence in oncology, immunology, cardiology, and neuroscience.
• Pipeline Depth: Dozens of assets in mid-to-late stage trials.
• Execution: BMS knows how to launch, scale, and deliver.

Outro

And that’s a wrap on our deep dive into Bristol Myers Squibb — a company that reinvented itself time and time again, from apothecary roots to biotech innovator.

If you enjoyed today’s episode, hit subscribe, leave a review, and share it with your fellow science nerds. Got a company or story you’d like to hear next? Reach out on social — I’d love to hear from you.

Until next time — stay curious, and see you next time on Petri Dish Perspectives.