Bristol-Myers Squibb and Pfizer Announce Worldwide Collaboration to Develop and Commercialize Anticoagulant and Metabolic Compounds

-Apixaban Currently in Phase III Trials for Prevention of Venous

Thromboembolism and Prevention of Stroke Associated With Atrial


-Advanced Pre-Clinical Compounds Being Studied in Treatment of Metabolic


Apr 26, 2007, 01:00 ET from Bristol-Myers Squibb Company, Pfizer Inc

    PRINCETON, N.J., and NEW YORK, April 26 /PRNewswire-FirstCall/ --
 Bristol- Myers Squibb Company (NYSE:   BMY) and Pfizer Inc (NYSE:   PFE)
 ("companies") today announced a worldwide collaboration to develop and
 commercialize apixaban, an anticoagulant discovered by Bristol-Myers Squibb
 being studied for the prevention and treatment of a broad range of venous
 and arterial thrombotic conditions. In a separate agreement, the companies
 will also collaborate on the research, development and commercialization of
 a Pfizer discovery program which includes advanced pre-clinical compounds
 with potential applications for the treatment of metabolic disorders,
 including obesity and diabetes.
     Phase III trials are currently underway investigating the potential use
 of apixaban in the prevention of venous thromboembolism (VTE), which
 includes deep vein thrombosis (DVT) and pulmonary embolism (PE), and the
 prevention of stroke in patients with atrial fibrillation (AF). Phase II
 trials are studying apixaban in the treatment of acute symptomatic DVT and
 for the secondary prevention of cardiovascular events in patients with
 acute coronary syndrome.
     Terms of the apixaban agreement include an upfront payment of $250
 million by Pfizer to Bristol-Myers Squibb. Pfizer will fund 60% of all
 planned development costs effective January 1, 2007 going forward, and
 Bristol-Myers Squibb will fund 40%. Bristol-Myers Squibb may also receive
 additional payments of up to $750 million based on development and
 regulatory milestones. The companies will jointly develop the clinical and
 marketing strategy of apixaban, and will share commercialization expenses
 and profits/losses equally on a global basis.
     Pfizer will be responsible for all research and early-stage development
 activities for the metabolic disorders program, and the companies will
 jointly conduct Phase III development and commercialization activities.
 Bristol-Myers Squibb will make an upfront payment of $50 million to Pfizer
 as part of this agreement. The companies will share all development and
 commercialization expenses along with profits/losses on a 60%-40% basis,
 with Pfizer assuming the larger share of both expenses and profit/losses.
     "By combining our company's long-standing strengths in cardiovascular
 drug development and commercialization with Pfizer's global scale and
 expertise in this field, we can maximize the potential benefits of apixaban
 for patients. In addition, the metabolic disorders program complements
 existing research efforts in another area of significant unmet medical need
 where Bristol-Myers Squibb is quite active," said Jim Cornelius, chief
 executive officer, Bristol- Myers Squibb. "This collaboration supports our
 strategy to focus on serious diseases, maintain commercial emphasis on
 specialists and high-prescribing primary care physicians, and work with
 partners to offset the risks inherent with developing certain medicines."
     "We're very pleased to collaborate with Bristol-Myers Squibb on the
 worldwide commercialization of apixaban, which has the potential to be a
 best- in-class product and would represent an excellent strategic fit with
 our global cardiovascular franchise," said Jeffrey B. Kindler, chairman and
 chief executive officer, Pfizer. "We see significant opportunities for an
 orally active anticoagulant with the clinical profile apixaban has
 demonstrated to date, particularly because of the clear need for new
 treatments to combat thrombosis and stroke. This agreement demonstrates our
 commitment to pursue revenue opportunities both through our business
 development and external alliances as well as our internal research and
 development pipeline."
     About Venous Thromboembolism and Atrial Fibrillation
     The process by which blood clots occur and travel through the veins is
 known as venous thromboembolism (VTE), the collective term for deep vein
 thrombosis (DVT) and pulmonary embolism (PE). In the U.S., it is estimated
 that 2 million people develop DVT each year. DVT is the formation of a
 thrombus (clot) in one of the deep, large veins of the body, such as in the
 leg or pelvis. A thrombus that breaks free and travels through the
 circulatory system is called an embolism. An embolism that lodges in a
 pulmonary artery in the lungs results in pulmonary embolism (PE). PE is a
 potentially fatal condition if not immediately diagnosed and treated.
     Atrial fibrillation (AF) is an abnormal heart rhythm that affects
 approximately 2.3 million people in North America and 4.5 million people in
 Europe. The chief hazard of atrial fibrillation is the risk of stroke,
 which is five times higher in people with AF than in those without AF. AF
 is responsible for one out of every six ischemic strokes.
     About Apixaban
     Apixaban is a novel, oral, highly selective, direct factor Xa inhibitor
 currently in Phase III development. Factor Xa plays a pivotal role in the
 coagulation cascade and may represent a more targeted approach to
 anticoagulation therapy compared to current treatments that affect multiple
 factors in the coagulation pathway. The companies plan to file for U.S.
 regulatory approval of apixaban for prevention of VTE in the second half of
 2009 assuming the successful completion of clinical trials, with filings
 planned for additional indications beginning in 2010.
     About Bristol-Myers Squibb
     Bristol-Myers Squibb is a global pharmaceutical and related healthcare
 products company whose mission is to extend and enhance human life.
     About Pfizer
     Pfizer discovers and develops innovative medicines to treat and help
 prevent disease for both people and animals. We also partner with
 healthcare providers, governments and local communities around the world to
 expand access to our medicines and to provide better quality healthcare and
 health system support.
     Bristol-Myers Squibb Forward-Looking Statement
     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 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 products described in this release will receive regulatory
 approval, or that if approved, will be commercially successful. Nor is
 there any assurance that any or all of the development, regulatory, and
 sales milestones provided for in the agreement will be achieved. Also there
 can be no guarantee that the companies will enter into the definitive
 research, development and commercialization agreement relating to
 early-stage compounds described in this release or that if there is a
 definitive agreement that it will result in the discovery, development or
 commercialization of products. 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, 2006, 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.
     Pfizer Forward-Looking Statement
     The information contained in this release is as of April 26, 2007.
 Pfizer assumes no obligation to update forward-looking statements contained
 in this release as the result of new information or future events or
     This release contains forward-looking information about a collaboration
 between Pfizer and Bristol-Myers Squibb with respect to certain product
 candidates, including their potential benefits and projected FDA filing
 dates, that involves substantial risks and uncertainties. Such risks and
 uncertainties include, among other things, the uncertainties inherent in
 research and development; decisions by regulatory authorities regarding
 whether and when to approve any drug applications that may be filed for any
 such product candidates as well as their decisions regarding labeling and
 other matters that could affect the availability or commercial potential of
 such product candidates; and competitive developments. In addition, there
 is no assurance that Pfizer and Bristol-Myers Squibb will enter into the
 definitive research, development and commercialization agreement relating
 to early-stage compounds for the potential treatment of metabolic disorders
 that is described in this release or, if such a definitive agreement is
 entered into, that it will result in the discovery, development or
 commercialization of products.
     A further description of risks and uncertainties can be found in
 Pfizer's Annual Report on Form 10-K for the fiscal year ended December 31,
 2006 and in its reports on Form 10-Q and Form 8-K.

SOURCE Bristol-Myers Squibb Company, Pfizer Inc