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.
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With no more activist investor challenge, shareholders of both companies overwhelmingly approved the deal. Bristol said it will have leading positions in oncology and cardiovascular disease, and gain five potential blockbusters in the Celgene buyout.
Bristol-Myers Squibb executives are justifying the acquisition of Celgene in terms that have been well-rehearsed through the history of big pharma mergers. But they are failing to consider radical changes to the environment in which pharma operates, argues Viren Mehta of Mehta Partners LLC.
Activist investors continue to question the value of Bristol-Myers Squibbs' acquisition of Celgene ahead of an April 12 shareholder vote on the deal, but Bristol released a new overview of the transaction to rebut arguments against it.