Summary
Bristol-Myers Squibb (BMY) has provided an update on its pending merger with Celgene Corporation, specifically addressing a key condition for closing: the divestiture of OTEZLA® (apremilast). On August 25, 2019, Celgene entered into an Asset Purchase Agreement with Amgen Inc. to sell OTEZLA for $13.4 billion in cash. This divestiture is contingent upon the Federal Trade Commission (FTC) issuing a consent order and the successful closing of the BMY-Celgene merger.
Key Highlights
- 1Celgene to sell OTEZLA to Amgen for $13.4 billion in cash.
- 2The OTEZLA divestiture is a condition for closing the Bristol-Myers Squibb (BMY) and Celgene merger.
- 3The sale of OTEZLA is subject to FTC approval and requires a consent order.
- 4BMY has provided an irrevocable guarantee to Amgen, ensuring Celgene's performance obligations under the Purchase Agreement, contingent upon the merger closing.
- 5BMY now expects the merger with Celgene to close by the end of 2019.
- 6The filing includes a press release dated August 26, 2019, detailing these events.