Bristol Myers Squibb Builds Executive Ranks with Elizabeth Mily
New VP from Barclays brought on to lead strategy and business development
Bristol Myers Squibb (BMS) is fortifying its senior leadership with the addition of Elizabeth Mily as Executive Vice President, Strategy & Business Development. According to information shared by BMS (NYSE: BMY), Elizabeth will lead strategy and all business development activities such as strategic partnerships, mergers & acquisitions and other important initiatives.
Mily has proven global, financial and healthcare experience
Elizabeth has an impressive background. It encompasses healthcare investment banking, international markets, pharmaceutical, life science, diagnostics, pharma outsourcing and medical technology including mergers & acquisitions, strategic advisory, corporate finance and underwriting in the U.S., U.K. and Europe.
Her previous roles and companies are:
- Managing Director, Barclays Investment Bank (NYSE: BCS)
- Head of Corporate Strategy and Development, Thermo Fisher Scientific (NYSE: TMO)
- Managing Director, Goldman Sachs (NYSE: GS)
Reportedly Mily has overseen more than $200 billion in mergers and acquisition business throughout her career.
Elizabeth’s educational spans domestic and European institutions
Elizabeth’s academic credentials are impressive. They included
- Bachelor’s degree from Ohio State University
- Fulbright Fellowship at the University of Hamburg and Cologne in Germany
- Master’s degree from Georgetown University
BMS is on a steep trajectory of growth and transformation following the acquisition of Celgene
Mily joins BMS as it begins the new decade as a different organization than it was in 2019. The company’s rebranding campaign reflects this. Last year BMS acquired Celgene Corporation for $72 billion.
Based in Summit, NJ, Celgene was a biopharma company generating just over $26 billion in sales, it completed 2019 with sales growth increasing by almost 16%. Its therapeutic focus is on inflammatory and oncology disease categories. BMS generated about $22.6 billion in 2019, a 9% increase over 2018.
Increasing sales and product development momentum while reducing the expense
The Celgene deal is the larger acquisition ever by BMS and some of Mily’s responsibilities will likely be aligned with making it work financially and commercially. While BMS and Celgene are each among the leaders in oncology, they will need to be a united force against competitive heavy hitters like Gilead, Merck, Novartis and Roche.
Cost-cutting will be part of the equation and the combined organization needs to shed expenses to improve profitability and reduce the debt load. This needs to be accomplished without disrupting Celgene or BMS clinical and commercial operations. Problems with integration and organizational execution increase the risk of losing focus on increasing existing product sales and launching new products from the pipelines.
Merck (NYSE: MRK) and its oncology agent Keytruda, Roche’s (OTCMKTS: RHHBY) and its oncology contender Tecentriq plus Gilead’s (NASDAQ: GILD) Hepatitis C (HCV) Epclusa are formidable competitors. Mily will need to champion a strategy against these and other rivals in various therapeutic categories.
BMS has the essential elements to succeed
Mily and BMS won’t be wasting any time getting better acquainted. BMS and its Celgene addition are a formidable pool of clinical and commercial talent with great potential for success. It’s fitting someone of Mily’s distinguished leadership experience is joining BMS during National Women’s History Month to chart a winning course moving forward.
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