Bristol-Myers Squibb is buying rival Celgene in a cash and stock deal valued at about US$74 billion or US$90 billion including debt.
The tie-up, which is subject to various approvals, is expected to be completed in the second half of 2019, will unite their portfolios of cancer-fighting drugs.
The combined company could become the fourth largest pharmaceutical firm in the United States. Together they have nine different drugs—six from Bristol-Myers and three from Celgene—with global sales of more than US$1 billion each, led by US$8.2 billion in sales for Revlimid, the Celgene drug used to treat multiple myeloma, a cancer that affects bone marrow and white blood cells.
The companies also announced they have six other drugs under development which could debut over the next 12 to 24 months, representing more than US$15 billion in potential annual revenue.
Full Content: CNN
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