John Greim/LightRocket via Getty Images(NEW YORK) — Bristol-Myers Squibb announced on Thursday it is purchasing fellow drugmaker Celgene in a cash and stock deal valued at approximately $74 billion.
Per the terms of the agreement, Celgene shareholders will receive one share of Bristol-Myers Squibb and $50 for each share of Celgene. That amounts to $102.43 per share based on Wednesday’s stock market close.
Once the transaction is completed, Bristol-Myers Squibb shareholders will own approximately 69 percent of the company and Celgene shareholders will own the remaining 31 percent.
“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,” Bristol-Myers Squibb Chairman and CEO Giovanni Caforio said in a press release. “As a combined entity, we will enhance our leadership positions across our portfolio, including in cancer and immunology and inflammation.”
The merger has been approved by the boards of directors of both companies and is expected to be finalized in the third quarter of 2019.
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