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8/26/2019, 12:43 PM (Source: TeleTrader)
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Amgen to buy Otezla rights for $13.4B

Bristol-Myers Squibb Co. announced on Monday that Amgen will acquire the rights to Celgene Corporation's Otezla drug in a cash deal worth $13.4 billion. Bristol-Myers previously said it would divest Otezla in an effort to secure the regulatory approval for its proposed merger with Celgene.

"This agreement represents an important step toward completing our pending merger with Celgene. It also demonstrates the tremendous achievement of the Celgene team in establishing OTEZLA as an important medicine for patients with psoriasis, psoriatic arthritis and Behçet’s Disease," Bristol-Myers CEO Giovanni Caforio stated. The pharmaceutical company stated that, following the divestment, it expects the acquisition of Celgene to close by the end of the year.

In January, Bristol-Myers reached an agreement to buy Celgene for $74 billion and, after initially opposing it, 98% of Celgene shareholders backed the merger in April.

Breaking the News / NP