Bristol-Myers Squibb Plans To Divest OTEZLA - Quick Facts

(RTTNews) - To address the concerns raised by the U.S. Federal Trade Commission or FTC, Bristol-Myers Squibb Company (BMY is planning the divestiture of OTEZLA (apremilast). The company said the proceeds from the sale will allow it to accelerate post-closing deleveraging plans.

Bristol-Myers Squibb and Celgene have submitted the formal application for clearance by the European Commission. Bristol-Myers Squibb currently expects to close the deal by the end of 2019 or the beginning of 2020.

Together with $2.5 billion of cost synergies from the deal, Bristol-Myers Squibb continues to expect growth in sales and earnings through 2025.