SUMMIT, N.J. — Bristol-Myers Squibb is buying Celgene in a cash-and-stock deal valued at about $74 billion.
Shareholders of Celgene Corp., based in Summit, New Jersey, will receive one share of the cancer drug maker, plus $50 in cash for each share they own. They’ll also receive one tradeable contingent value right for each Celgene share, allowing the holder to receive a payment when future regulatory milestones are hit.
The combined company will have nine products with more than $1 billion in annual sales and significant potential for growth in the core disease areas of oncology, immunology and inflammation and cardiovascular disease.
Shareholders of Bristol-Myers Squibb Co., based in New York City, would own about 69 per cent of the company, with Celgene shareholders owning about 31 per cent.
The Associated Press