Blockbuster pharma merger weighs in at $74b | WHAT REALLY HAPPENED


Blockbuster pharma merger weighs in at $74b

Boston: Bristol-Myers Squibb has agreed to acquire Celgene Corp. in a $74 billion (Dh271.8 billion) deal that will unite two drugmakers battling for advantage in a crowded market for innovative cancer treatments.

Both companies have faced investor wariness about their prospects in recent months. Bristol makes an immunotherapy drug called Opdivo that accounts for roughly a quarter of its sales, but that has trailed a rival medication from Merck & Co. Celgene, meanwhile, has been looking for a follow-up for its blockbuster blood-cancer therapy Revlimid.

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