Pharma: Cancer-drug giants join forces

A $74 billion deal to create a new “No. 1 player in oncology” kicked off a “long-predicted deal-making boom in Big Pharma,” said Arlene Weintraub in FiercePharma.com. Bristol-Myers Squibb announced plans to buy Celgene, putting together the two companies’ high-priced cancer treatments. Celgene’s Revlimid, used for multiple myeloma, is among the most expensive cancer drugs and makes up 63 percent of the company’s sales. Revlimid treatment can cost $200,000 annually, and Celgene has strenuously fought potential generic competition.