In 2007, when Jim Cornelius became interim CEO of Bristol-Myers Squibb Co., the company was at its nadir. The board, under pressure from a federal monitor, had fired the long-time CEO, Peter Dolan, and its general counsel, Richard Willward, because of a botched attempt to delay entry of a generic competitor to its best-selling anti-coagulant clopidogrel (Plavix). Analysts called the pharma "bloated" and "underachieving," especially since Plavix and other core products such as irbesartan (Avapro), were set to face generic competition beginning in 2012.
In December of that year, Bristol-Myers announced its commitment to become a 'next-generation" biopharma company, with a focus on biologics...
