A PYMNTS Company

US: Amgen to buy Celgene psoriasis drug Otezla for $13.4B

 |  August 26, 2019

According to the Financial Times, Amgen will buy Celgene’s psoriasis drug Otezla for US$13.4 billion in cash, clearing the way for Bristol-Myers Squibb to go ahead with its US$74 billion deal for Celgene by the end of the year.

Amgen, which announced the deal on Monday, August 26, is paying a hefty price for the drug, analysts and investors said. Still, Otezla will deliver growth for the company right away and its shares rose around 2% in early trading.

Bristol-Myers stated in June that it would sell Otezla to allay concerns raised by the Federal Trade Commission because of a competing treatment that it is developing. Analysts said at the time that they were expecting Otezla to sell for around US$8 billion to US$10 billion.

Full Content: Financial Times

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.