New Year splash as BMS to acquire Celgene in $74B deal
The biggest biotech takeout in a decade brings a tumultuous 15 months for Celgene Corp. (NASDAQ:CELG) to an end as Bristol-Myers Squibb Co. (NYSE:BMY) proposed on Jan. 3 to acquire the bellwether for $74 billion. BMS cited the complementary cancer pipelines and near-term launches as value drivers for the deal.
The deal will give BMS an immediate revenue boost via Celgene's multiple myeloma drug Revlimid lenalidomide, while also bolstering its immuno-oncology pipeline with Celgene’s recently acquired and in-licensed CAR T programs. Worldwide Revlimid sales were $7.1 billion through the first nine months of 2018. Celgene also has two CAR T therapies that are expected to reach the market over the next two years: JCAR017, which it gained through its acquisition of Juno Therapeutics Inc.; and bb2121, a CAR T against BCMA (tumor necrosis factor receptor superfamily member 17; TNFRSF17; CD269) that is partnered with bluebird bio Inc. (NASDAQ:BLUE)...