Skip to content
Subscriber Only

Bristol-Myers Will Divest Celgene Blockbuster to Close Deal

  • Drugmaker pushes back close target to late 2019, early 2020
  • Otezla is a large, growing product; Bristol-Myers shares fall
Video player cover image
Deals Report: Eldorado-Caesars Merger, Bristol-Myers to Divest Celgene Drug
Updated on

Bristol-Myers Squibb Co. agreed to divest one of Celgene Corp.’s most lucrative drugs in order to close their planned $74 billion merger.

Under an agreement with the Federal Trade Commission, Bristol-Myers will sell off the psoriasis pill Otezla to appease antitrust regulators’ concerns, the company said in a statement.