Bristol-Myers Squibb to buy Celgene for $74 billion
Deal boosts BMS’s cancer and immunology pipeline with 5 drugs in late stage clinical trials
Bristol-Myers Squibb (BMS) has agreed to buy cancer and inflammation specialist Celgene for $74 billion (£58 billion). The deal will create a company with nine products each with more than $1 billion in annual sales, and could stimulate a new round of acquisitions and mergers, according to industry observers.
The tie-up boosts BMS’s portfolio in cancer, immunology and inflammation, chief executive Giovanni Caforio said. In a call with investors, he emphasised that acquiring Celgene will also diversify and expand the company’s pipeline.