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Executive Summary

BRISTOL FOLDS SQUIBBMARK AND NOVO-NORDISK INTO APOTHECON multisource distribution business as part of the continuing consolidation of former Squibb businesses into existing Bristol-Myers operations. The "new" Apothecon, established in April, is being introduced to the trade this month via print ads describing it as a "new" company "formed from the merger" of Bristol-Myers Squibb and "built on a solid foundation of quality SquibbMark and Bristol-Myers products." Apothecon is now based from the former Squibb headquarters in Princeton, N.J. Under Bristol, the group was headquartered in Evansville, Indiana. Apothecon permits Bristol and Squibb to begin the consolidation of several overlapping antibiotic products. The new subsidiary will offer two amoxicillins (Polymox and Trimox), two penicillin V potassiums (Betapen and Veetids) and two ampicillins (Polycillin and Principen). Additionally, Apothecon distributes Squibb's cephalexin, cephadrine Velosef and dicloxacillin sodium Dynapen as well as Novo-Nordisk's NovolinPen Dial-A-Dose Insulin Delivery System, Novolin 70/30 and PenFill-Novolin N. The melding of the Squibb units into an operation carrying a Bristol name is emblematic of the continuing ascendance of Bristol-Myers from the 1989 merger. The increasing preponderance of Bristol people is evident in an examination of the combined company's top management levels in many areas except R&D. The latest management departure from the Bristol-Myers Squibb ranks reinforces the Bristol nature of the surviving corporation. The resignation of Squibb veteran Anthony Ruggiero from the position of senior VP and controller was announced in June. His successor will be named shortly, a Bristol spokesperson said. Ruggiero, 48, had been with Squibb since 1983 and was the senior VP, chief financial officer and director before the October 1989 merger. Ruggiero, who reportedly has not been active in the combined companies since the beginning of the year, was one of the few remaining Squibb senior management left on the official employment roles. * One holdover in the high ranks is Kenneth Weg, a Squibb man who is now president of Squibb U.S. and Bristol-Myers Squibb International Pharmaceutical Group. Weg, however, was with Bristol prior to joining Squibb. In the R&D area, the Squibb side of the business is emerging as the dominant force. Edgar Haber, MD, the former chief of the Squibb Institute for Medical Research, was named to the top R&D spot at Bristol-Myers Squibb in March as the head of the new combined Pharmaceutical Research Institute.

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