BMS/Celgene merger heads to a close after clearance from competition regulators

Bristol-Myers Squibb announced the approval from the U.S. Federal Trade Commission (FTC) to close the pending $74bn merger of Bristol-Myers Squibb and Celgene.

The merger could create the fourth largest pharma firm by revenue, behind Pfizer, Novartis, and Roche.

Celgene entered into an agreement with Amgen under which Amgen would acquire the global rights to psoriasis drug OTEZLA (apremilast). Bristol-Myers Squibb previously announced the decision to divest OTEZLA in connection with the ongoing regulatory approval process for Bristol-Myers Squibb’s pending merger with Celgene.

Bristol-Myers Squibb has now satisfied all regulatory requirements under the merger agreement to complete the acquisition of Celgene and expects to close the transaction on November 20, 2019. Bristol-Myers Squibb also expects the OTEZLA divestiture to be completed promptly following the closing of the merger.

“Today’s news is an exciting milestone in our company’s history as we look forward to officially combining with Celgene to create a leading biopharma company,” said Giovanni Caforio, M.D., Chairman and Chief Executive Officer of Bristol-Myers Squibb. “Together we will be well positioned to discover, develop and deliver innovative medicines, and to transform the lives of more patients through science.”

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