Bristol-Myers vulnerable to takeover after setback in cancer drug

Washington

AT a Chicago convention jammed with thousands of doctors in 2015, a buzz of excitement rippled through the hall as a researcher revealed data showing that a Bristol-Myers Squibb Co drug cocktail had remarkable success in fighting a deadly form of skin cancer.

It was a high point in the development of promising cancer treatments known as immunotherapy that have the potential to radically change the course of the disease and generate billions of dollars in sales. And Bristol- Myers stood at the forefront with its drug, Opdivo, with high hopes of dominating the market by treating other forms of cancer as well.