Bristol-Myers Squibb acquires Celgene, marrying Opdivo maker with Revlimid maker
Biopharmaceutical giant Bristol-Myers Squibb reached a deal to acquire Celgene, a maker of treatments for cancer and inflammatory diseases.
The deal is valued at $74 billion based on a mix of cash and stock.
“Together with Celgene, we are creating an innovative biopharma leader, with leading franchises and a deep and broad pipeline that will drive sustainable growth and deliver new options for patients across a range of serious diseases,” Bristol-Myers Squibb CEO Giovanni Caforio said in a statement.
Bristol-Myers Squibb, maker of the cancer medicine Opdivo, said the deal makes sense in part because of the "complementary product portfolios" between itself and Celgene, whose top seller is the lymphoma treatment Revlimid.
Together, the two companies have nine products with annual sales of more than $1 billion. And they have several key products coming, including immunology, inflammation, and hematalogy medicines.
After the acquisition is complete, Bristol-Myers Squibb said it expects to cut $2.5 billion in costs annually by 2022.
Caforio will continue to serve as chairman and CEO.
Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.
This article originally appeared on USA TODAY: Bristol-Myers Squibb acquires Celgene, marrying Opdivo maker with Revlimid maker
