M&A

‘Can we stop that work, can we delay that work?’ Bristol-Myers’ top execs outline their game plan for absorbing Celgene

Bristol-Myers Squibb took its campaign to garner support for its $74 billion Celgene buyout right to the people who matter most: their employees. In a recent town hall meeting, the top team at Bristol-Myers, lead by CEO Giovanni Caforio, gathered staffers together for a presentation and Q&A about the merger process, which they hope to complete by Q3.

In the meeting, Caforio explains that BMS has decided to freeze hiring for most open positions. He and the executive team also outlined where Celgene’s top team has admitted they’ve fallen short, where Bristol-Myers believes they can add operational punch, what Celgene brings to the table — aside from the 6 late-stage assets they’re pumped about —and how they plan to reorganize the company to free up “bandwidth” for the changes to come.

The excerpts that follow were drawn from a recent SEC filing that includes the entire transcript, which offers some insights into what drove the biggest buyout in biopharma history.

It started with a boast from the top. 


In order to read this article, you must be an Endpoints News subscriber. (It's free to subscribe.)

← Go back

We produce two daily email newsletters designed to give you a complete picture of what's important in biopharma. It's free to subscribe and never any spam. Join 47,800+ biopharma executives who read Endpoints News every day.

Access is subject to the terms in our Privacy Policy.


The best place to read Endpoints News? In your inbox.

Comprehensive daily news report for those who discover, develop, and market drugs. Join 47,800+ biopharma pros who read Endpoints News by email every day.

Free Subscription

Research Scientist - Immunology
Recursion Pharmaceuticals Salt Lake City, UT
Director of Operations
Atlas Venture Cambridge, MA

Visit Endpoints Careers ->