A major shareholder is casting doubt around the pharmaceutical industry’s biggest-ever between Bristol-Myers Squibb Co.’s and Celgene Corp.
Wellington Management Co., which manages about $1 trillion in assets, and is the second largest shareholder in of Bristol-Myers stock, said in a news release that it “does not believe that the Celgene transaction is an attractive path” for broadening Bristol-Myers’s business. The firm holds 7.7 percent of Bristol-Myers shares.
“While we are very disappointed by the position of Wellington Management, we will continue our discussions with shareholders about this unique opportunity to create sustainable value,” Chief Executive Officer Giovanni Caforio said in the memo made public in a filing Thursday.