Budesonide

Bristol Myers Squibb remains open to deals amid the cost-cutting. \n Bristol Myers Squibb has continued its ruthless cost-cutting push, dropping plans to commercialize a rival to Dupixent despite meeting its phase 3 goals and pumping the brakes on a would-be Sotyktu successor.The Big Pharma has dropped a series of internal and partnered programs since Chris Boerner, Ph.D., took over as CEO. Boerner initially targeted $1.5 billion in savings. With that cost-cutting push underway, the CEO added another $2 billion to the target this week. BMS is looking to make some of the savings by setting a higher bar for investments.Cendakimab fell short of the bar. The antibody hits IL-13, one of the interleukins targeted by Regeneron and Sanofi’s blockbuster Dupixent. Last year, BMS reported a phase 3 trial in eosinophilic esophagitis met both co-primary endpoints, positioning the drugmaker to challenge Dupixent and Takeda’s Eohilia for the market.Yet, BMS quietly removed cendakimab from the pipeline in its fourth-quarter update. Adam Lenkowsky, chief commercialization officer at BMS, explained the removal on an earnings call with analysts Thursday. “Given the data that we have seen, we\'ve made the decision not to commercialize cendakimab,” Lenkowsky said. “We\'re going to continue to prioritize investments and opportunities where we have a competitive advantage. We can deliver the highest return for the company in areas where we believe that we have an opportunity to deliver potentially transformational outcomes for patients.”Similar thinking underpinned BMS’ decision on investing in TYK2. BMS completed a phase 2 trial of its second-generation TYK2 inhibitor BMS-986322 in psoriasis in August. The drug candidate is still listed in BMS’ pipeline but an analyst questioned the lack of progress since the phase 2 trial wrapped up, leading Samit Hirawat, M.D., head of development at BMS, to explain why the program has stalled.“We have to decide within our pipeline where we are going to really focus and prioritize,” Hirawat said. “At the current time, our focus is truly squarely on Sotyktu and maximizing that opportunity from a development and commercial perspective. So, at this time, that TYK2 is not in development.”BMS is barreling ahead in other areas, pulling forward an anticipated readout from a phase 3 study of iberdomide in multiple myeloma after adding minimal residual disease (MRD) as a co-primary endpoint. Hirawat said BMS discussed the switch with the FDA and will talk to regulators once it has results to learn “how they will see that data and what else they would need.” Further use of MRD is on the cards. “Newer endpoints are needed,” Hirawat said. “We are continuing to evaluate the potential to leverage an earlier MRD endpoint readout to accelerate the development of our multiple myeloma assets across the board, but it will all depend on the timing, the population, as well as how the event accrual is occurring.”BMS remains open to deals amid the cost cutting. The drugmaker moved into radiopharmaceuticals as part of a deal spree, inking a deal to buy RayzeBio for $4.1 billion late in 2023, and Boerner said the team is looking for opportunities to enhance the acquisition. BMS will consider business development to achieve that goal if “it makes sense for us, both financially and scientifically,” the CEO said.