Posted on 01/08/2019 8:12:03 PM PST by libh8er
Bristol-Myers Squibb is buying cancer drugmaker Celgene in a cash and stock deal valued at $74 billion, the companies announced Thursday.
Under the agreement, Celgene shareholders will receive one Bristol-Myers Squibb share and $50 in cash for each share held, or $102.43 per share, a premium of 53.7 percent to Celgene's Wednesday close.
Shares of Celgene surged 28 percent in midmorning trading, to near $85 per share, while shares of Bristol-Myers Squibb fell 11 percent.
"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," Bristol-Myers Squibb Chairman and CEO Giovanni Caforio said in a press release.
Wall Street analysts see the deal as a big win for Celgene. The company was set to lose patent protection by 2022 for Revlimid, its top-selling multiple myeloma drug, concerning investors. The stock has fallen more than 37 percent over the past year.
(Excerpt) Read more at cnbc.com ...
I’m sure they’re really looking for a cure though.....
Is this in anticipation of the new 5G network?
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