First, Jana Partners pressured the drugmaker into adding three new board members and announcing a stock buyback deal. Jana became a shareholder in BMS in the fourth quarter of 2016.

Now, The Wall Street Journal reports that billionaire Carl Icahn has invested in the company, reportedly because he thinks the company's drug portfolio could be ripe for a takeover.

Analysts have said that the company could make for a good acquisition, but more data on its cancer immunotherapy drugs may need to come in first.

Given Bristol-Myers Squibb market capitalization, any deal would likely be worth more than $100 billion, as takeover offers usually occur at a premium to the existing share price.

That would make it a blockbuster transaction.

Heres what you need to know about Bristol-Myers

  • treatment.
  • Investors expect
  • Trials are currently underway
  • key lung cancer trial
  • succeeded
  • when the full data
  • said that
  • approval
  • for the combination of its two immunotherapy drugs as an initial treatment for
  • lung
  • cancer. This helped Merck secure its lead in lung cancer combination treatments.

Beyond cancer immunotherapy, BMS also makes the bloodthinner Eliquis in collaboration with drug giant Pfizer, and treatments for hepatitis C and rheumatoid arthritis. It's also one of a growing number of companies going after NASH, a type of liver disease that's estimated to affect about 16 million Americans.