Bristol-Myers: Don’t Bet on a Pfizer Acquisition

Yesterday, we noted rumors that pharmaceutical companies including Roche , Novartis ( NVS ), Pfizer ( PFE ), and maybe even Gilead Sciences ( GILD ) were considering making a play for Bristol-Myers Squibb ( BMY ). Bristol-Myers, remember, has lost nearly a third of its value during the past seven months thanks to to the failure of its trial for a lung-cancer drug --making it look like a bargain in the eyes of Barron's Johanna Bennett --but has been catching a bid thanks to the possibility of a buyout. Deutsche Bank's Gregg Gilbert and Esther Rajavel suspect Pfizer won't be a player, however. They explain why: