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BRISTOL-MYERS SQUIBB, AXION PHARMACEUTICALS FORM JOINT VENTURE; CANCER DRUG DISTRIBUTION NETWORK ADDRESSES CRITICAL COST-CONTAINMENT NEEDS

 PRINCETON, N.J. and SOUTH SAN FRANCISCO, Sept. 9 /PRNewswire/ -- Bristol-Myers Squibb Company (NYSE: BMY), the world's leading producer of cancer chemotherapy products, and Axion Pharmaceuticals, Inc., a cancer-focused pharmaceutical service firm, today announced the formation of a joint venture aimed at meeting the unique needs of the community-based oncology practitioner.
 The Bristol-Myers/Oncology Therapeutics Network will provide a cost- effective source for all oncology drugs and services to the rapidly expanding, office-based chemotherapy market in the United States.
 The network provides physician customers with tangible cost savings and drug procurement efficiencies and brings Bristol-Myers Squibb closer to these customers. This strategy is consistent with the pharmaceutical industry trend toward customer-focused alliances. The multi-year agreement began Sept. 1, 1993.
 "Bristol-Myers Squibb is the leading provider of oncology therapeutics in the world and has a long history of introducing important innovations in cancer treatment," said Donald J. Hayden Jr., vice president and general manager, Bristol-Myers Oncology Division. "We believe that the formation of the Bristol-Myers/Oncology Therapeutics Network now offers our physician-office customers an enhanced way to manage their pharmaceutical needs in the environment of cost containment. With Axion as our partner, we have significantly enhanced the level of service being provided to cancer treatment professionals," Hayden said.
 In October 1990, Axion launched Oncology Therapeutics Network, the first service business of its kind, to provide state-of-the-art pharmaceutical procurement and information programs to office-based cancer specialists. The Network now offers a wide range of critical services to the office-based oncology community including: access to more than 600 anti-cancer drugs, supportive medications and supplies at competitive prices; extended payment terms to ease cash flow management; simplified product procurement; and comprehensive reports concerning usage and cost for efficient inventory management. The Network also continues to work closely with other producers of chemotherapy drugs to supply the complete needs of its oncology customers.
 "The Network improves the quality and efficiency of delivery of cancer medicines to the professionals responsible for the care of the cancer patients outside the hospital," stated Michael D. Goldberg, president and chief executive officer, Axion Pharmaceuticals, Inc. "We have designed a program that provides an unprecedented level of service and responds to the cost-containment needs of our customers," Goldberg said.
 Bristol-Myers Squibb is a research-based, diversified healthcare company whose principal businesses are pharmaceuticals, consumer products, nutritionals and medical devices. It is among the world's leading makers of cardiovascular, anticancer, anti-infective, central nervous system and dermatological drug therapies, diagnostic agents and non-prescription medications.
 Axion Pharmaceuticals, Inc., founded in 1987 and based in South San Francisco, is a privately held pharmaceutical service company. Axion is focused on delivering cost containment solutions to the managed care environment and has targeted its initial programs to the oncology market.
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 /CONTACT: Robert F. Laverty of Bristol-Myers Squibb Company 609-252-5551, or Michael D. Goldberg of Axion Pharmaceuticals, Inc., 415-952-8400/
 (BMY)


CO: Bristol-Myers Squibb Company; Axion Pharmaceuticals, Inc. ST: New Jersey, California IN: MTC SU: JVN

MJ -- PH003 -- 0114 09/09/93 08:18 EDT
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Publication:PR Newswire
Date:Sep 9, 1993
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