Summit-based Celgene Sold For $74 Billion

SUMMIT, NJ - Summit-based Celgene is being purchased by Bristol-Myers Squibb will for $74 billion in a cash and stock transaction that will creating a specialty biopharma company focused on the needs of patients with cancer, inflammatory and immunologic disease and cardiovascular disease, the companies said Thursday.

“Together with Celgene, we are creating an innovative biopharma leader, with leading franchises and a deep and broad pipeline that will drive sustainable growth and deliver new options for patients across a range of serious diseases,” Chairman and Chief Executive Officer of Bristol-Myers Squibb Giovanni Caforio said. “As a combined entity, we will enhance our leadership positions across our portfolio, including in cancer and immunology and inflammation. We will also benefit from an expanded early- and late-stage pipeline that includes six expected near-term product launches. Together, our pipeline holds significant promise for patients, allowing us to accelerate new options through a broader range of cutting-edge technologies and discovery platforms.”

It is not clear whether there will be cuts at the companies. The board of both entities approved the merger.

“For more than 30 years, Celgene’s commitment to leading innovation has allowed us to deliver life-changing treatments to patients in areas of high unmet need. Combining with Bristol-Myers Squibb, we are delivering immediate and substantial value to Celgene shareholders and providing them meaningful participation in the long-term growth opportunities created by the combined company,” said Chairman and Chief Executive Officer of Celgene Mark Alles. “Our employees should be incredibly proud of what we have accomplished together and excited for the opportunities ahead of us as we join with Bristol-Myers Squibb, where we can further advance our mission for patients. We look forward to working with the Bristol-Myers Squibb team as we bring our two companies together.”

You can read the full statement from both companies here.

(Photo courtesy of Shutterstock)

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