Bristol-Myers Squibb completes acquisition of Celgene Corp.

November 21, 2019 0 By FM

The biopharmaceutical company, Bristol-Myers Squibb announced that the company has completed its acquisition of Celgene Corporation. The completion comes after the Federal Trade Commission cleared the merger agreement.

Under the terms of the merger, Celgene shareholders received for each share, 1.00 share of Bristol-Myers Squibb common stock, $50.00 in cash without interest and one tradeable Contingent Value Right (CVR), which will entitle the holder to receive a payment of $9.00 in cash if certain future regulatory milestones are achieved.

The FTC required Bristol-Myers and Celgene sell the rights to Otezla, Celgene’s psoriasis drug. Amgen Inc. AMGN, agreed to buy the rights to the drug for $13.4 billion in August.

Upon completion of the acquisition, Celgene became a wholly owned subsidiary of Bristol-Myers Squibb. Celgene common stock ceased trading as of the close of trading today.

On November 21, 2019, newly issued Bristol-Myers Squibb shares and CVRs will commence trading on the New York Stock Exchange, with the CVRs trading under the symbol “BMYRT.”

Since announcing the transaction on January 3, 2019, there have been a number of tangible advancements toward delivering on the key value drivers for the merger, including: further progress relating to the patent estate for REVLIMID, the U.S. Food and Drug Administration (FDA) approval of INREBIC (fedratinib) for the treatment of certain forms of myelofibrosis, the U.S. FDA approval of REBLOZYL (luspatercept-aamt) for the treatment of anemia in certain adult patients with beta thalassemia, and regulatory filings of luspatercept and ozanimod in the U.S. and Europe.

“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.” said Giovanni Caforio, M.D., Chairman and Chief Executive Officer of Bristol-Myers Squibb.