“Starting Monday is an important historic event for this company,” Jim Cornelius, Bristol-Myers’ interim ceo and board member told The New York Times as part of a well-orchestrated, pre-trial publicity effort (he also spoke to The Wall Street Journal).

If the drugmaker loses the Plavix patent fight against Apotex, which skunked the drugmaker in a general deal that led to the ouster of Peter Dolan, it may not have as much value for a prospective buyer. If it wins, then its value jumps quickly. At least that’s the sentiment on Wall Street, given that Cornelius acknowledged months ago that a sale or merger was possible.

At the same, though, he continues to insist that a permanent ceo is being pursued by the board, and he’s on the board, so he should know. But it’s taking awhile to find the right person, lending credence to speculation that a deal may be the preferred route.

The next few months may tell the tale. By then, the trial will have long since ended and U.S. District Court Judge Sidney Stein will issue his decision. And a deferred-prosecution agreement with the U.S. attorney in New Jersey following an accounting scandal will expire.

Wall Street thinks the likely suitors are Sanofi or AstraZeneca, since Bristol has marketing or development deals with both companies. But Pfizer has a lot of cash and is desperate to rebuild. Nothing like speculation…..

[tags]Apotex, Bristol-Myers Squibb, Jim Cornelius, Plavix[/tags]