Bristol-Myers Squibb (NYSE:BMY) has quickly become one of the hottest names in pharma after attracting two big name activist investors. To start, Barry Rosenstein's JANA Partners settled with BMY this week to add three independent members to the board. BMY also rolled out a $2 billion accelerated buyback plan, also a result of the discussions with JANA.
Now, Carl Icahn has revealed a stake in the drug company, suggesting it might be a buyout target. And with the newly positioned board, that could be sooner than later. The major theses lie in either getting BMY bought out, or convincing BMY to make strategic acquisitions or investing in its business to diversify operations beyond its blockbuster cancer drug Opdivo.
