Deals
Amgen Will Buy Celgene Drug in $13.4 Billion Antitrust Sale
- Celgene, Bristol-Myers announced plan to divest Otezla in June
- Bristol-Myers also expands share buyback program to $7 billion
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Amgen Inc. will pay $13.4 billion for a blockbuster psoriasis drug from Celgene Corp., which is shedding the asset in order to win antitrust regulators’ sign-off for its $74 billion merger with Bristol-Myers Squibb Co.
The all-cash deal will give Amgen a growing product at a time when the blockbuster biotechnology drugs it made its name on are beginning to fade. For Celgene and Bristol-Myers, the divestiture will pave the way to one of the pharmaceutical industry’s largest mergers of the past decade.