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US: Bristol-Myers to buy Celgene in a US$74B deal

By  |  January 14, 2019
US: Bristol-Myers to buy Celgene in a US$74B deal

Bristol-Myers Squibb announced on Thursday, January 3, it would buy Celgene for about US$74 billion, combining two of the world’s largest cancer drug businesses in the biggest pharmaceutical deal ever, reported Bloomberg.

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    Both companies have faced investor wariness about their prospects in recent months. Bristol makes an immunotherapy drug called Opdivo that accounts for roughly a quarter of its sales but that has trailed a rival medication from Merck & Co. Celgene, meanwhile, has been looking for a follow-up for its blockbuster blood-cancer therapy Revlimid.

    The proposed union of the two companies represents a big bet that combined mass will help overcome the obstacles confronting their respective cornerstone products, reported Bloomberg.

    If it is approved by shareholders and regulators, the cash-and-stock deal would rank as the largest pharmaceutical-company acquisition ever. Including net debt, the transaction values Celgene at US$88.8 billion, surpassing Pfizer’s deal for Warner-Lambert.

    Full Content: Bloomberg

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