BRISTOL-MYERS SQUIBB, CELGENE IN $74 BN MERGER

New York-based Bristol-Myers Squibb has agreed to acquire Celgene, a global biotech firm headquartered in New Jersey, in a cash-and-stock deal worth $74 billion. Both pharma giants, known for their wide range of innovative cancer treatments, are hoping to stave off competition and future regulatory moves via the mega-merger. If approved, Celgene could be valued at $88.8 billion, on a par with Pfizer’s deal for Warner-Lambert. As per a statement from the companies, Celgene shareholders will receive one Bristol-Myers Squibb share and $50 in cash for each Celgene share.