In one the first large mergers of 2019, Bristol-Myers Squibb announced it is buying Celgene Corp, for about $74 billion. The merged company will have many so-called blockbuster cancer drugs under its umbrella.
The deal will create a company with nine treatments bringing in more than $1-billion in annual sales and a significant potential for growth in oncology, immunology and inflammation and cardiovascular disease. Talks opened in September, with Bristol-Myers approaching Celgene, according to a Rueters report. 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 per cent to Celgene’s Wednesday close.