Bristol-Myers Squibb acquires Celgene for $74bn, deepening strength in oncology

In the fourth-largest biopharma acquisition to date, Bristol-Myers Squibb Co. bought top-tier public biotech Celgene Corp. for $74bn. For each Celgene share, BMS will issue one of its shares (valued at $50 each) and pay $50 in cash, equating to a per-share price of $100, or a 58% premium. Celgene also gets one tradeable contingent value right (CVR) for each of its shares, providing additional payments of $9 in cash based on regulatory milestones. At closing, BMS stockholders will own 69% of the combined entity, and Celgene shareholders the rest.