Bristol-Myers Squibb is buying Celgene in a cash-and-stock deal valued at about USD 74 billion.
Shareholders of Celgene Corp, based in Summit, New Jersey, will receive one share of the cancer drug maker, plus USD 50 in cash for each share they own.
They’ll also receive one tradeable contingent value right for each Celgene share, allowing the holder to receive a payment when future regulatory milestones are hit.
The combined company will have nine products with more than USD 1 billion in annual sales and significant potential for growth in the core disease areas of oncology, immunology and inflammation and cardiovascular disease.
Shareholders of Bristol-Myers Squibb Co, based in New York City, would own about 69 per cent of the company, with Celgene shareholders owning about 31 per cent.