BioCentury
ARTICLE | Company News

Deal filing: BMS added CVR late in Celgene negotiations

February 2, 2019 12:28 AM UTC

Celgene Corp. (NASDAQ:CELG) rejected multiple overtures from Bristol-Myers Squibb Co. (NYSE:BMY) and solicited a bid from another pharma before accepting BMS's takeout offer last month -- but not before BMS replaced some guaranteed money with a contingent value right late in the negotiations.

Following discussions that began almost two years prior, the companies formally consummated their deal early Jan. 3, with BMS paying $74 billion to acquire Celgene. Final terms included $50 per share in cash, an exchange of one share of BMS stock for each Celgene share, and a CVR worth $9 per share, provided three key therapies are approved within a specific time frame (see "New Year Splash as BMS to Acquire Celgene in $74 Billion Deal" & "Bristol-Myers' Next Phoenix Act?")...