AFP, NEW YORKNew York-based pharmaceutical giant Bristol-Myers Squibb Co on Thursday announced that it would buy US biotech firm Celgene Corp in a US$74 billion cash-and-stock deal, creating a rival to the world’s largest drugmakers. In the deal, Bristol-Myers Squibb gains Celgene’s blockbuster Revlimid treatment for multiple myeloma. The combined companies would also enjoy “a deep and broad pipeline that will drive sustainable growth,” Bristol-Myers Squibb chairman and CEO Giovanni Caforio said in a statement. Under the deal, Bristol-Myers shareholders are to own about 69 percent of the new pharmaceutical giant, while Celgene shareholders are to receive one Bristol-Myers share and US$50 per share of Celgene. Shares in New Jersey-based Celgene surged 20.7 percent to US$80.43, while Bristol-Myers Squibb fell 13.3 percent to US$45.12.

Source: Taipei Times January 04, 2019 15:56 UTC