Bristol-Myers Squibb announces $74bn acquisition of Celgene

In a major biopharmaceutical shake-up, Bristol-Myers Squibb has announced that it will acquire Celgene for $74 billion.

The acquisition will create a combined speciality biopharma company with portfolios across cancer, immunology and inflammation and cardiovascular disease. In particular, the company will have nine products representing over $1 billion in annual sales, as well as six products to be launched in the near-future.

When the deal is finalised, Bristol-Myers Squibb will own 69% of the company, with Celgene shareholders expected to own the remaining 31%.

Chairman and chief executive officer of Bristol-Myers Squibb Giovanni Caforio said that the new merger will will “drive sustainable growth and deliver new options for patients across a range of serious diseases.”

“As a combined entity, we will enhance our leadership positions across our portfolio, including in cancer and immunology and inflammation. We will also benefit from an expanded early- and late-stage pipeline that includes six expected near-term product launches. Together, our pipeline holds significant promise for patients, allowing us to accelerate new options through a broader range of cutting-edge technologies and discovery platforms,” he added.

“For more than 30 years, Celgene’s commitment to leading innovation has allowed us to deliver life-changing treatments to patients in areas of high unmet need. Combining with Bristol-Myers Squibb, we are delivering immediate and substantial value to Celgene shareholders and providing them meaningful participation in the long-term growth opportunities created by the combined company,” said Mark Alles, chairman and chief executive officer of Celgene. “Our employees should be incredibly proud of what we have accomplished together and excited for the opportunities ahead of us as we join with Bristol-Myers Squibb, where we can further advance our mission for patients. We look forward to working with the Bristol-Myers Squibb team as we bring our two companies together."