Pro Vs. Con: A Side-By-Side Look At Investor Concerns, Bristol's Defenses Of Celgene Deal
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.
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Bristol bought Celgene following multiple pipeline setbacks, but the biotech giant made positive progress recently that the big pharma will be expected to continue.
First quarter biopharma financing, at $17.96bn, demonstrated a 65% increase over Q4 2018. The $92bn in total M&A activity was led by Bristol-Myers Squibb's $74bn buy of top-tier public biotech Celgene. At $39.4bn in total potential deal value, alliance dealmaking started off 2019 strong, with most of the top partnerships in modalities outside the recently popular areas of immune checkpoint inhibitors or CAR-T therapies.
While the proposed Bristol/Celgene merger nears an April vote, Celgene continues a recent spate of deal-making, paying $25m up front to Exscientia to discover small molecule candidates for cancer and autoimmune disease.