In an emailed statement to Reuters, Bristol-Myers Squibb announced a restructuring initiative that would cut only 1% of R&D costs and 70 jobs, but would reallocate resources to specific areas of expertise. The ax will come down on early stage discovery in diabetes, hepatitis C, and neuroscience. Spared from the cuts will be Bristol-Myers' most exciting segment -- the immunotherapy division -- and a new Alzheimers' drug that takes a very different approach from avagacestat.