In 1887 William McLaren Bristol and John Ripley Myers invested $5,000 into a failing drug manufacturing firm called the Clinton Pharmaceutical Company. The company was officially incorporated in the same year with William Bristol as president and John Myers as vice president. In 1898, it became the Bristol, Myers Company and in 1900, the company became profitable. In 1924, gross profits topped $1 million for the first time in its history and in 1929 Bristol-Myers became listed on the New York Stock Exchange. Squibb was founded by Edward Robinson Squibb in Brooklyn, New York in 1856. In 1905 Squibb company was sold to Lowell M. Palmer and Theodore Weicker, and the company became incorporated in the same year. In 1946 Squibb International was incorporated and the company expanded into South America and Europe while building manufacturing facilities in Mexico, Italy and Argentina. In 1989, Bristol-Myers merged with Squibb and in 1990 the Bristol-Myers Squibb Pharmaceutical Research Institute was established with headquarters in Princeton, New Jersey, and research facilities in Wallingford, Connecticut, and other sites around the world. Bristol-Myers Squibb is a global pharmaceutical and health care products company committed to the research and development of therapies that treat conditions in which unmet medical need exists. Bristol-Myers Squibb aims to extend and enhance human life by providing the highest-quality pharmaceuticals and health care products throughout the world.