Bristol-Myers, Celgene Shares Both Lower as Merger Faces Delays

Date : 06/24/2019 @ 8:30PM
Source : Dow Jones News
Stock : Bristol-Myers Squibb Company (BMY)
Quote : 43.33  -0.72 (-1.63%) @ 12:13AM

Bristol-Myers, Celgene Shares Both Lower as Merger Faces Delays

Bristol Myers Sqibb (NYSE:BMY)
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By Stephen Nakrosis

 

Shares of Bristol-Myers Squibb Co. (BMY) and Celgene Corp. (CELG) are both in the red in Monday's market, following news their planned merger would be delayed due to antitrust concerns.

At 2:51 p.m. ET, Bristol-Myers Squibb shares had lost 7.4%, to trade at $45.69. Volume was heavier than usual, with over 29.1 million shares trading, above the 65-day average volume of some 14.6 million. Celgene shares had lost 5.34%, trading at $93.63. That stock's volume was also higher than usual with over 7.2 million shares trading, above its 65-day average volume of some 6.6 million.

The $74 billion merger faces delays as the companies work to sell Celgene's anti-inflammatory drug, Otzela, in an effort to address concerns raised by antitrust regulators.

 

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

June 24, 2019 15:15 ET (19:15 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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