Playing hardball, Bristol-Myers bought out a battered Celgene with last-minute terms sweetened in its own favor

It turns out that Bristol-Myers Squibb has had a longstanding appetite to bag Celgene. But back in the spring of 2017, when execs on both sides engaged in initial talks on a “merger of equals” at a time Celgene’s shares traded at around $125, nothing came of it.

And that proved to be enormously beneficial to Bristol-Myers Squibb, which wound up playing hardball with Celgene CEO Mark Alles — changing the terms at the last minute and switching out cash for a risky CVR. For a battered and bruised board at Celgene, less cash proved to be better than going it alone in 2019.

Top execs at Celgene will earn a rich windfall from the deal, as you'll see below, which some analysts are still questioning.

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 45,000+ 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 45,000+ biopharma pros who read Endpoints News by email every day.

Free Subscription

Sr. Manager, Regulatory Affairs, CMC
CytomX Therapeutics San Francisco, CA
Marketing Associate - Demand Generation
Catalytic Data Science Charleston, SC
Associate Principal, Life Sciences Partnerships
Flatiron Health New York City or San Francisco

Visit Endpoints Careers ->