As Expected: Shareholders Back Bristol's $74bn Celgene Buy
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.
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Bristol-Myers will have to divest Celgene's blockbuster psoriasis pill to address concerns raised by the US FTC related to the merger. The news raised questions about whether FTC is giving more scrutiny to pipeline overlap.
Novartis's Hirawat will join the company as chief medical officer, while Celgene's Vessey will head early research. Bristol's current chief scientific officer Lynch will leave the company in October.