Bristol Approached Celgene Nearly Two Years Ago, Got A Better Deal Later

Documents detailing negotiations over the proposed Bristol/Celgene merger show Bristol’s offer decreased over time, but Celgene may still come out ahead. Effort to find another bidder failed, however.

SC1902_Stock Market Tablet_1233990418 _1200.jpg

As the April 12 shareholder vote for the proposed Bristol-Myers Squibb Co./Celgene Corp. merger draws closer, SEC documents have offered a clearer picture of how the deal announced Jan. 3 came to be, including talks that began in early 2017, a late effort by Celgene to get a competing bid, and Bristol’s successful 11th-hour gambit to reduce its upfront cash commitment in the transaction.

Ultimately, Celgene agreed to be acquired by Bristol in a deal valued at $102.43 per share, with its stock closing...

Read the full article – start your free trial today!

Join thousands of industry professionals who rely on Scrip for daily insights

  • Start your 7-day free trial
  • Explore trusted news, analysis, and insights
  • Access comprehensive global coverage
  • Enjoy instant access – no credit card required

More from Deals

Deal Watch: Novartis Hopes To Ace Inflammatory Disease With Matchpoint Tie-Up

 

Plus deals involving Lilly/Gate Bioscience, Concentra/iTeos, Nicox/Kowa, Ajax/Schrodinger, I-Mab/Bridge Health, Otsuka/Cantargia, JCR/Acumen and more.

Gateway To Africa: Natco Bids For 35.75% Of Adcock Ingram

 

Natco to buy out Adcock Ingram’s minority shareholders in what’s possibly its biggest M&A investment, opening up substantial opportunities in South Africa and the region. If the offer goes through, it will result in the delisting of Adcock, with Bidvest and Natco co-owning the firm.

Scrip M&A Podcast: Is Biopharma M&A In A Holding Pattern Or A ‘New Normal’

 
• By 

Scrip discusses the latest M&A activity and trends with CEO Shawn Titcomb of Allele Capital and Cheryl Reicin, a partner focused on international life sciences activity at Mintz.

Sanofi Doubles Down On Respiratory Vaccines With Vicebio Buy

 
• By 

The French major is paying $1.15bn For the UK biotech and its bivalent candidate, VXB-241.

More from Business

AZ Poised To Bring Self-Administered C5 Inhibitor To Market

 

Gefurulimab will give AstraZeneca a new option to compete against Argenx’s Vyvgart Hytrulo, which is available subcutaneously.

Roche Keen To Cut Out The Middle Men On US Pricing

 
• By 

The Swiss giant has been talking to the US government about selling medicines directly to patients.

Leo Looks To Grow In US After Hand Eczema Cream Approval

 
• By 

The Danish medical dermatology specialist doubles boosts its sales force ahead of the launch of Anzupgo.