In 2019’s first major multi-billion-dollar M&A deal for pharma, Bristol-Myers Squibb (BMS) is acquiring Celgene in a deal valued at $74 billion.
The acquisition – one of the biggest in pharma history – aims to create a “premier innovation biopharma company”.
It will bring together the company’s complementary portfolios in oncology, immunology and inflammation and cardiovascular disease.
BMS said the combined company will operate with global reach and scale, maintaining the “speed and agility that is core to each company’s strategic approach”.
When completed, Bristol-Myers Squibb shareholders are expected to own approximately 69% of the company, and Celgene shareholders are expected to own approximately 31%.
“Together with Celgene, we are creating an innovative biopharma leader, with leading franchises and a deep and broad pipeline that will drive sustainable growth and deliver new options for patients across a range of serious diseases,” said Giovanni Caforio, Chairman and CEO of Bristol-Myers Squibb.
“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.”