As op­po­si­tion mounts against Cel­gene deal, Bris­tol-My­ers tells share­hold­ers the planned buy­out is the best bet in a scarce mar­ket

Fac­ing bru­tal op­po­si­tion against its planned $74 bil­lion ac­qui­si­tion of Cel­gene, Bris­tol-My­ers Squibb is now scram­bling to con­vince share­hold­ers that its takeover of the biotech — tar­nished by a poor per­for­mance un­der CEO Mark Alles — is in­deed a good idea.

In an open let­ter to share­hold­ers on Wednes­day, Bris­tol-My­ers $BMY made it clear that a Cel­gene $CELG buy­out was im­per­a­tive to rein­vig­o­rate its growth.

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