Bristol/Celgene A Record-Setting Merger, If It Happens

The proposed $74bn merger of Bristol-Myers Squibb Co. and Celgene Corp. would be the third-largest biopharmaceutical M&A deal if it goes through at the terms announced Jan. 3, and like other mega-mergers it would offer enough subplots to fill a lengthy novel. One is the possibility that another bidder will step in to try to acquire one or the other before the deal closes.