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Bristol-Myers Drops Research Areas in Shift to Cancer

Bristol-Myers Squibb Co., the drugmaker whose stock has outgained its peers in the past 12 months, will overhaul its research programs and end new work in diabetes, hepatitis C and neuroscience.

The move will let Bristol-Myers pour more resources into immune system-based cancer therapies, which the company sees as a promising field that could revolutionize treatment. It will end “broad based discovery work” in the other areas, the company said in a statement on its website.