Bristol-Myers Squibb Co. (AAA/Negative/A-1+) has renegotiated its codevelopment partnership agreement for ImClone's cancer treatment, Erbitux, now that the FDA is willing to review Erbitux for approval, if additional data is submitted. The development, although positive in that the development of Erbitux appears to be back on track, does not have an impact on Standard&Poor's current ratings or outlook. The outlook is more dependent on the actual launch and successful commercialization of Bristol-Myers near-term drug prospects, including Erbitux.