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Bristol Values Celgene's Hematology, Immunology Portfolio At $74bn, But Does It Price In Risk?

 
• By Mandy Jackson

Bristol's surprising purchase diversifies its portfolio beyond Opdivo, while stopping Celgene's ongoing stock price declines after several setbacks. While Bristol execs downplayed the mid-term risk of generics for Celgene's blockbuster Revlimid, they highlighted near- and long-term growth drivers.

Risk versus value matrix with pushpins and blur effect. Concept of investment risk assessment.

Bristol-Myers Squibb Co. has agreed to buy Celgene Corp. in a cash and stock deal valued at $74bn that will diversify the big pharma beyond its top product Opdivo (nivolumab), but the deal comes with risks that will be shifted from Celgene's investors to Bristol's.

The transaction announced Jan. 3 will expand Bristol's presence in oncology and immunology, where it already has a strong presence, with the promise of near-term approvals for six of the combined company's products – including five Celgene assets

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