With the closing of the acquisition, Celgene became a wholly-owned subsidiary of BMS. Under the deal, Celgene shareholders secured for each share, 1.00 share of BMS common stock and $50 in cash without interest.
Celgene shareholders are also provided with one tradeable contingent value right (CVR), which will enable them to secure a payment of $9 in cash based on the achievement of certain regulatory milestones in the future.
The merger of Bristol-Myers Squibb and Celgene is expected to result in a speciality biopharma company that will develop high-value innovative medicines to meet the requirements of patients with cancer, inflammatory and immunologic disease and cardiovascular disease.
In August this year, BMS agreed to sell the global rights of Celgene’s psoriasis drug Otezla (apremilast) to Amgen for $13.4bn, as part of the regulatory approval process related to the transaction.
Otezla is a prescription medicine secured approval to treat patients with moderate to severe plaque psoriasis for whom phototherapy or systemic therapy is appropriate.
Recently, BMS secured clearance from the US Federal Trade Commission (FTC) for the acquisition of Celgene.
BMS has also announced that the board of directors has authorised the repurchase of $7bn of its common stock.
The company has entered into accelerated share repurchase (ASR) agreements with Morgan Stanley and Barclays Bank, in connection with the authorisation.
BMS chairman and CEO Dr Giovanni Caforio said: “This is an exciting day for Bristol-Myers Squibb as we bring together the leading science, innovative medicines and incredible talent of Bristol-Myers Squibb and Celgene to create a leading biopharma company.
“With our leading franchises in oncology, hematology, immunology and cardiovascular disease, and one of the most diverse and promising pipelines in the industry, I know we will deliver on our vision of transforming patients’ lives through science.”
In December 2018, Taisho Pharmaceutical offered $1.6bn to acquire UPSA consumer health business from BMS.