11/15/2019, 11:30 PM (Source: TeleTrader)
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Bristol-Myers Squibb gets approval to buy Celgene

The United States Federal Trade Commission (FTC) has approved the acquisition of American biotechnology firm Celgene Corp. by pharmaceutical giant Bristol-Myers Squibb Co., the buyer announced on Friday. It also noted it expects to close the transaction on November 20. The $74 billion deal was first announced in January.

In August, Bristo-Myers divested Celgene's Otezla drug in order to gain regulatory approval of the acquisition deal.

"Today’s news is an exciting milestone in our company’s history as we look forward to officially combining with Celgene to create a leading biopharma company,” said Giovanni Caforio, CEO of Bristol-Myers Squibb. Shares of the company slid around 0.50% in the after-hour trading, while Celgene's added 0.12%.

Breaking the News / NI