In a nearly 200-page presentation calling for investors to reject Bristol-Myers Squibb’s proposed acquisition of Celgene released on Monday, activist hedge fund Starboard Value called Celgene’s pipeline of new drugs “unproven.” The hedge fund said relying on that pipeline “adds incredible risk” for Bristol-Myers and could force additional acquisitions in the future. One example Starboard cited is Merck & Co’s $47 billion deal for Schering-Plough back in 2009. Don’t tell that to Merck’s shareholders. The company acquired...

Source: Wall Street Journal March 19, 2019 15:21 UTC