Bristol-Myers Shares Rise After Amgen Says It Will Acquire Celgene's Otezla
August 26 2019 - 8:14AM
Dow Jones News
By Dave Sebastian
Shares of Bristol-Myers Squibb Co. (BMY) rose more than 5% in
premarket trading after Amgen Inc. (AMGN) on Monday said it agreed
to buy Celgene Corp.'s (CELG) psoriasis treatment Otezla, paving
the way for Bristol-Myers to acquire Celgene.
The deal is worth about $13.4 billion in cash, Amgen said.
In January, Bristol-Myers said it would acquire Celgene at about
$74 billion, but the U.S. Federal Trade Commission raised
anticompetitive concerns related to anti-inflammatory drugs. The
companies in June said they would shed Otezla to satisfy the FTC's
concerns.
Shares of Celgene rose more 3.2% in premarket trading, while
Amgen shares declined more than 1%.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
August 26, 2019 07:59 ET (11:59 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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