The late-August hiccup in Bristol-Myers Squibb Co. and Pfizer Inc.’s development plan for the oral Factor Xa inhibitor apixaban may only cause a short delay to the expected blockbuster anti-clotting drug. On the other hand, it may be a harbinger of more painful clinical snafus to come. But whatever the eventual outcome for apixaban, right now Bristol looks pretty smart for partnering the drug for a handsome fee last April. [See Deal]
While Bristol has made hedging its late-stage bets a mantra—and a significant means to generate development capital, thanks to upfront...