Bristol-Myers to Shed Otezla, Carving Path for Celgene Deal
June 24 2019 - 8:53AM
Dow Jones News
By Kimberly Chin
Bristol-Myers Squibb Co. said it would divest itself of Otezla,
a psoriasis treatment owned by Celgene Corp., to win approval from
regulators and help smooth the path for the companies' pending
merger.
The divestiture seeks address the U.S. Federal Trade
Commission's concerns about the marketed and pipeline products of
psoriasis and psoriatic arthritis treatments from the two
companies. In March, the commission requested more information as
part of its antitrust review of the companies' $74 billion
deal.
If the FTC agrees with the conditions of the divestiture,
Bristol-Myers said it expects the Celgene transaction to be
completed as soon as the end of the year or the start of 2020.
The New York biopharmaceutical company also said Monday it
finished its pre-notification process with the European Commission
and submitted a formal application for clearance of the deal.
Separately, Bristol Myers said Monday that its Phase 3 study of
Opdivo, a medication for a common type of liver cancer, didn't meet
its main goals but showed an improvement in the overall survival of
patients treated with the drug compared with sorafenib, which is
the current standard of treatment.
Dave Sebastian contributes to this article.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
June 24, 2019 08:38 ET (12:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Celgene (NASDAQ:CELG)
Historical Stock Chart
From Aug 2024 to Sep 2024
Celgene (NASDAQ:CELG)
Historical Stock Chart
From Sep 2023 to Sep 2024