In the first major pharmaceutical deal of the year, Bristol-Myers Squibb said on Thursday that it would buy Celgene, which makes cancer drugs, in a cash-and-stock deal valued at $74 billion. Together, the merged companies will produce nine pharmaceutical products with more than $1 billion each in annual sales, Bristol-Myers said in a statement. Bristol-Myers shareholders will own 69 percent of the combined entity while Celgene shareholders will own 31 percent. Celgene shareholders will receive one share of Bristol-Myers stock and $50 in cash for each share, valued at $102.43 per share, or a 53.7 percent premium to Celgene’s closing price on Wednesday. The deal, which was approved by the boards of both companies, will help the drugmakers advance their work in oncology, cardiovascular disease, immunology and inflammation, Bristol-Myers said in the statement.

Source: New York Times January 03, 2019 13:31 UTC