FTC clears decks for Bristol-Myers Squibb acquisition of Celgene

Bristol-Myers Squibb acquisition of Celgene : US pharma giant Bristol-Myers Squibb said that the US Federal Trade Commission (FTC) has given its clearance for its previously announced $74 billion acquisition of American biotech company Celgene.

The FTC has accepted the proposed consent order regarding the pending merger of Bristol-Myers Squibb and Celgene, thereby allowing the companies to wrap up their transaction.

In August 2019, Celgene signed a deal to divest the global rights to its psoriasis drug Otezla (apremilast) to Amgen for $13.4 billion (Amgen acquisition of Otezla) in order to address competition concerns regarding its merger with Bristol-Myers Squibb.

Bristol-Myers Squibb said that it has now fulfilled all the regulatory requirements under the merger agreement to close the acquisition of Celgene. The US pharma giant is likely to complete the acquisition next week and also expects the sale of Otezla to be promptly closed after the merger closing with Celgene.

FTC approves Bristol-Myers Squibb acquisition of Celgene. Photo courtesy of Sue Adair/Wikimedia Commons.

Bristol-Myers Squibb acquisition of Celgene was announced in January 2019 in a move to create a specialty biopharma company engaged in developing high-value innovative drugs for the treatment of cancer, cardiovascular disease, and inflammatory and immunological diseases.

Giovanni Caforio – Chairman and CEO of Bristol-Myers Squibb said: “Today’s news is an exciting milestone in our company’s history as we look forward to officially combining with Celgene to create a leading biopharma company.

“Together we will be well positioned to discover, develop and deliver innovative medicines, and to transform the lives of more patients through science.”

Bristol-Myers Squibb’s financial advisor for the deal has been Morgan Stanley & Co. , while Kirkland & Ellis has been the legal counsel. On the other hand, Arnold & Porter Kaye Scholer has been the company’s legal counsel on antitrust matters.

For more pharma acquisition news like Bristol-Myers Squibb acquisition of Celgene  and other pharma industry news, keep following Pharma News Daily.