Sunday, 24 March, 2019

Drugmaker Bristol-Myers to buy Celgene for $74 billion

Bristol-Myers bulks up with $74 billion deal to buy Celgene Bristol-Myers Squibb buying Celgene in $74B cash-and-stock deal
Celia Hoffman | 04 January, 2019, 14:04

They also pointed to oncology, immunology, inflammation and cardiovascular disease as important growth areas.

Bristol-Myers Squibb's stock was down 8 percent in premarket trading on the New York Stock Exchange following the news, while shares of Celgene were up 34 percent on the Nasdaq. The company's is based in NY.

Bristol Chairman and CEO Giovanni Caforio said in a prepared statement that the combination will create a deep product portfolio that drives growth.

Bristol-Myers Squibb Co said on Thursday it would buy Celgene Corp for about US$74 billion, creating a pharma company with several blockbuster cancer drugs and making it one of the biggest mergers on record in the sector.

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While two members of the Celgene board will join the newly merged leadership, the deal is likely to spell an exit of Mark Alles, who has weathered criticism for his company's slip-ups, including the botched filing of MS candidate ozanimod a year ago. "Together, our pipeline holds significant promise for patients, allowing us to accelerate new options through a broader range of cutting-edge technologies and discovery platforms".

Celgene shareholders will receive one Bristol-Myers Squibb share and $50 in cash for each share held, or $102.43 per share, a premium of 53.7 percent to Celgene's closing on January 2.

The companies expect to close the deal in the third quarter of 2019. It will have nine products with more than $1bn in annual sales. That deal, worth $9 billion, beefed up Celgene's immuno-oncology cell therapy portfolio, which already included bb2121 for multiple myeloma.

The takeover and its implications - including possible similar moves among competitors - will undoubtedly be the talk of next week's now traditional kickstart to the year, the JP Morgan healthcare conference in San Francisco.

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