Celgene/Bristol: Happy Union Or Runaway Bride?
Wellington, the largest institutional shareholder in Bristol, and activist firm Starboard both have publicly opposed the Bristol/Celgene merger but the strong crossover of investors in both biopharmas suggests the deal will still obtain approval.
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Expectations that the $74bn deal will go through are now reinforced by proxy advisor recommendations that shareholders vote in favor of the transaction. Podcast discussion also includes Karyopharm’s selinexor and J&J’s Spravato.
All-stock transaction combines privately held Oncternal with GTx, which had been considering its strategic alternatives. Biogen acquires gene therapy biotech Nightstar, MaxCyte and Kite expand their CAR-T partnership.
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.