Bristol-Myers Squibb wraps up $74bn acquisition of Celgene

Bristol-Myers Squibb has wrapped up its $74 billion acquisition of Celgene having got regulatory approval from all government authorities necessary for closing the merger agreement along with approvals from stockholders of the two companies.

Celgene has now become a fully-owned subsidiary of Bristol-Myers Squibb and as per the merger terms, shareholders of the former have exchanged each of their shares with 1.00 share of Bristol-Myers Squibb common stock plus $50.00 in cash without interest and a tradeable Contingent Value Right (CVR), which will entitle the holder to get payment of $9.00 in cash if certain future regulatory milestones are met.

Celgene common stock has stopped trading following the close of the deal.

Bristol-Myers Squibb acquires Celgene. Photo courtesy of Sue Adair/Wikimedia Commons.

Giovanni Caforio – Chairman and CEO of Bristol-Myers Squibb, commenting on Bristol-Myers Squibb acquisition of Celgene, said: “This is an exciting day for Bristol-Myers Squibb as we bring together the leading science, innovative medicines and incredible talent of Bristol-Myers Squibb and Celgene to create a leading biopharma company.

“With our leading franchises in oncology, hematology, immunology and cardiovascular disease, and one of the most diverse and promising pipelines in the industry, I know we will deliver on our vision of transforming patients’ lives through science. I am excited about the opportunities for our current employees and the new colleagues that we welcome to the Company as we work together to deliver innovative medicines to patients.”

Bristol-Myers Squibb said that the sale of Otezla (apremilast) to Amgen for $13.4 billion is expected to be promptly closed.