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.
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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Designates Booking.com as ‘Gatekeeper’ Under Digital Markets Act
May 13, 2024 by
CPI
US Airlines Challenge Biden Administration Over New Airfare Fee Disclosure Rule
May 13, 2024 by
CPI
Major App Developers Shun Apple’s New Payment Options, Citing Unfavorable Fees
May 12, 2024 by
CPI
Ex-Contractor Pleads Guilty to Rigging Bids in Wildfire Fuel Services for US Forest Service
May 12, 2024 by
CPI
UK Newspapers Warn Apple Against “Web Eraser” Feature’s Threat to Journalism
May 12, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI