Bristol-Myers Says 'acquiring Celgene Is Best Path Forward' For Its Shareholders

(RTTNews) - Bristol-Myers Squibb Co. (BMY) said it is confident that acquiring Celgene Corp. (CELG) is the best path forward for Bristol-Myers shareholders. The transaction will deliver sustainable growth and compelling value. The combined company is expected to create more value for shareholders and patients compared to standalone Bristol-Myers Squibb over the short-, medium- and long-term.

Bristol-Myers Board unanimously recommends that shareholders vote their shares "FOR" the proposed transaction with Celgene.

Bristol-Myers Squibb filed an investor presentation with the Securities and Exchange Commission, and the Board of Directors sent an open letter to the Company's shareholders regarding the previously announced definitive merger agreement with Celgene.

Bristol-Myers Squibb said it determined that acquiring Celgene's Big-5 late-stage pipeline, plus its 22 Phase 1 and 2 clinical programs, would represent a bundled 'string-of-pearls' that in totality offers a greater value creation opportunity than other strategic alternatives.

In late February 2019, Starboard Value LP, a stockholder of Bristol-Myers Squibb, said that it delivered an open letter to Bristol-Myers stockholders expressing its belief that the proposed merger with Celgene Corp. was ill-advised and not in the best interests of Bristol-Myers stockholders.

Similarly, Bristol-Myers Squibb Co's shareholder Wellington Management said in February 2019 that it did not support the U.S. drugmaker's $74 billion acquisition of biotech Celgene Corp.