Bristol-Myers Will Divest Celgene Blockbuster to Close Deal


2019-06-25 09:07:00 Bloomberg


Bristol-Myers Squibb Co. has struck an agreement with U.S. antitrust authorities to divest one of Celgene Corp.’s top drugs in order to close the companies’ planned $74 billion merger. Under an agreement with the Federal Trade Commission, Bristol-Myers will sell off the psoriasis pill to appease regulators' concerns, the company said in a statement. The divestiture is a blow to Bristol-Myers’ takeover of the Summit, New Jersey-based company. Otezla is a major product for Celgene, and brought in $1.86 billion last year. It has been growing rapidly and had as much as a decade of strong sales ahead, according to analysts’ estimates surveyed by Bloomberg. Now, a rival drugmaker will get the rights to the pill, potentially at a discounted price. Bristol-Myers shares fell 4.1% to $47.31 in New York trading before the markets opened. Celgene dropped 3.8% to $95.19. “Divesting Otezla a surprise to us and removes one of the newco’s growth drivers,” Vamil Divan, an analyst with Credit Suisse Group AG, said in a note to clients. Bristol-Myers also said that the deal will take longer to close than it had expected. Its new target is the end of 2019 or early 2020, pushed back from a previous goal of Sept. 30. The FTC review is ongoing, the company said, and European regulators will review it as well. “Bristol-Myers Squibb is committed to working with regulatory authorities around the world on the proposed combination with Celgene,” the company said in the statement. It plans to use the proceeds to pay off debt. Separately, Bristol-Myers said that its cancer drug Opdivo, its No. 2 product, had failed a clinical trial treating liver cancer patients. The medicine faces multiple competitors that use the same mechanism to help the immune system attack tumors, and Bristol-Myers’ rivals have been attempting to get the drugs approved in as many different types of cancer as possible.
百时美施贵宝公司已与美国反垄断机构达成协议,剥离新基(Celgene)公司的一种顶级药物,以完成两家公司740亿美元的合并计划。 该公司在一份声明中表示,根据与联邦贸易委员会( Federal Trade Commission )的协议,百时美施贵宝将出售银屑病药丸,以缓解监管机构的担忧。 剥离资产是对百时美施贵宝收购总部位于新泽西的 Summit 公司的一次打击。Otezla 是新基(Celgene)的主要产品,去年带来了18.6亿美元。彭博( Bloomberg )调查的分析师估计,该公司一直在快速增长,未来十年销售强劲。现在,一家竞争对手的制药商将获得这种药丸的权利,可能会以折扣价出售。 纽约股市开盘前,百时美施贵宝的股价下跌4.1%,至47.31美元。新基(Celgene)下跌3.8%,至95.19美元。 瑞士信贷集团( Credit Suisse Group AG )分析师瓦米•迪万( Vamil Divan )在给客户的一份报告中表示:“对我们来说,将奥兹拉资产剥离令人意外,并消除了新公司的增长动力之一。” 百时美施贵宝还表示,该交易完成所需时间将超过预期。其新的目标是2019年底或2020年初,从9月30日之前的目标倒退。该公司表示, FTC 的审查正在进行中,欧洲监管机构也将对其进行审查。 该公司在声明中表示:“百时美施贵宝致力于与世界各地的监管机构就与新基(Celgene)的拟议合并进行合作。”它计划用这些收益来偿还债务。 另外,百时美施贵宝表示,其2号产品 Opdivo 的抗癌药物治疗肝癌的临床试验失败。该药物面临多个使用相同机制帮助免疫系统攻击肿瘤的竞争对手,百时美施贵宝的竞争对手一直试图让这些药物在尽可能多的不同类型癌症中获得批准。