Bristol-Myers Squibb Co. has agreed to buy Celgene Corp. in a cash and stock deal valued at $74bn that will diversify the big pharma beyond its top product Opdivo (nivolumab), but the deal comes with risks that will be shifted from Celgene's investors to Bristol's.
Bristol Values Celgene's Hematology, Immunology Portfolio At $74bn, But Does It Price In Risk?
Bristol's surprising purchase diversifies its portfolio beyond Opdivo, while stopping Celgene's ongoing stock price declines after several setbacks. While Bristol execs downplayed the mid-term risk of generics for Celgene's blockbuster Revlimid, they highlighted near- and long-term growth drivers.
