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.
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