Bristol Values Celgene's Hematology, Immunology Portfolio At $74bn, But Does It Price In Risk?
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.
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CEO Caforio used the J.P. Morgan stage to try to assuage Celgene investors who recently lost out on a $9 CVR under the buyout, playing up the long-term promise of the combined company.