Bristol-Myers Squibb to Purchase Celgene

Bristol-Myers Squibb (BMS) agreed to buy Celgene for $74 billion, making it the second-biggest purchase in the pharmaceutical and biotechnology industry. The merged company will have nine products with more than $1 billion in annual sales, including the myeloma drug lenalidomide and the lung cancer drug nivolumab.

The companies said that their combined pipeline includes six products that are nearing regulatory review; if approved, these products will represent more than $15 billion in potential revenue.

BMS CEO and Chairman of the Board Giovanni Caforio, MD, will continue to serve in the same capacity for the combined company.

Source: The Wall Street Journal, January 3, 2019.