Bristol-Myers’ next phoenix act?

Bristol-Myers Squibb Co. will now be in the driver’s seat to monetize the assets gained from the myriad deals Celgene Corp. has forged. The pharma will need to mimic its history of using well-timed acquisitions to rise from the ashes and meet growth expectations.

This time, however, BMS won’t have the luxury of multiple first-in-class assets to fuel the turnaround, though it could have a batch of best-in-class candidates. Celgene’s pipeline is a mixed bag of programs that would compete in crowded spaces. ...