Bristol-Myers Squibb provides update on pending merger with Celgene

Bristol-Myers SquibbBristol-Myers Squibb Company (NYSE: BMY) today provided an update on the approval process and timeline for the Company’s pending merger with Celgene Corporation (NASDAQ: CELG). The Company remains actively engaged in discussions with the U.S. Federal Trade Commission ("FTC") on the FTC's continued review of the proposed transaction. To allow the transaction to close on a timely basis in light of concerns expressed by the FTC, the Company is planning the divestiture of OTEZLA® (apremilast).

The divestiture is subject to further review by the FTC and requires that Bristol-Myers Squibb enter into a consent decree with the FTC. Once the FTC accepts the consent order and the other customary closing conditions are satisfied, Bristol-Myers Squibb intends to close the Celgene transaction at the earliest possible date, which it currently expects to be at the end of 2019 or the beginning of 2020. The proceeds of the OTEZLA sale will allow Bristol-Myers Squibb to accelerate its post-closing deleveraging plans.

Bristol-Myers Squibb and Celgene have concluded their pre-notification process with the European Commission, and are pleased to confirm that they have today submitted the formal application for clearance by the European Commission.

The Company commented: "Bristol-Myers Squibb is committed to working with regulatory authorities around the world on the proposed combination with Celgene. The Company is focused on realizing the promise of the transaction, and is continuing to work to complete the transaction on a timely basis.

"Bristol-Myers Squibb reaffirms the significant value creation opportunity of the acquisition of Celgene. Together with $2.5 billion of cost synergies, a compelling pipeline and a strong portfolio of marketed products, the Company continues to expect growth in sales and earnings through 2025.

"The Company is continuing to develop its promising immunology pipeline asset, tyrosine kinase 2 (TYK2) inhibitor, in several autoimmune diseases, including psoriasis. Bristol-Myers Squibb looks forward to advancing its leadership in core areas of focus, including immunology, and delivering highly innovative medicines that bring meaningful benefits to patients as a combined company."

Bristol-Myers Squibb and Celgene have received approval for Bristol-Myers Squibb's acquisition of Celgene from their respective shareholders.

Morgan Stanley & Co. LLC is serving as financial advisor regarding the planned divestiture.

About Bristol-Myers Squibb

Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.

Most Popular Now

Pfizer's elranatamab granted FDA Breakthrough Ther…

Pfizer Inc. (NYSE:PFE) announced its investigational cancer immunotherapy, elranatamab, received Breakthrough Therapy Designation from the U.S. Food and Drug Administrati...

Salvat Laboratories announces submission of New Dr…

Salvat Laboratories announced that it has submitted a New Drug Application (NDA) to the FDA for the approval of the first ocular corticosteroid formulated in a nanoemulsi...

New insights on antibody responses to Omicron vari…

Knowing how well vaccination against one SARS-CoV-2 strain (with or without previous infection) counteracts infection with a different strain is a critical research quest...

The origin-of-life molecule, a key to cancer resea…

RNA, the molecule that gave rise to life, has been shown to be essential for repairing human genetic material and preventing mutations that might lead to developing cance...

Bayer with continued strong performance

The Bayer Group maintained its strong business performance across all three divisions in the third quarter. "Despite rising inflation and global supply chain problems, we...

Vividion Therapeutics names Jenna Goldberg as Chie…

Vividion Therapeutics, Inc., a biopharmaceutical company utilizing novel discovery technologies to unlock high value, traditionally undruggable targets with precision the...

Sugar molecules as a target in cancer therapy

Cancer cells use sugar molecules on their surface to disable attacks by the body's immune system. Researchers at the University of Basel now report on how this mechanism ...

COVID vaccination improves effectiveness of cancer…

Patients with nasopharyngeal cancer are often treated with drugs that activate their immune system against the tumor. Until now, it was feared that vaccination against Co...

Pfizer and BioNTech receive positive CHMP opinion …

Pfizer Inc. (NYSE: PFE) and BioNTech SE (Nasdaq: BNTX) announced a booster dose of their Omicron BA.4/BA.5-adapted bivalent COVID-19 vaccine (COMIRNATY® Original/Omicron ...

Making melanoma immortal: Pitt scientists discover…

Scientists at the University of Pittsburgh School of Medicine have discovered the missing puzzle piece in the mystery of how melanoma tumors control their mortality. I...

Study reveals vaccine confidence declined consider…

A new study suggests that, despite the success of the COVID-19 vaccination campaigns, vaccine confidence has declined significantly since the start of the pandemic. Re...

New drug shows promise for fighting both COVID-19 …

While vaccination can provide life-saving protection against COVID-19, scientists are still searching for ways to treat severe infections, including in people who cannot ...