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Mergers & Acquisitions

Celgene to sell Otezla to Amgen in advance of being bought by Bristol-Myers

by Michael McCoy
August 30, 2019 | APPEARED IN VOLUME 97, ISSUE 34

 

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Celgene will sell the psoriasis treatment Otezla to Amgen for $13.4 billion in cash. The sale is intended to win US Federal Trade Commission clearance for Bristol-Myers Squibb’s $74 billion acquisition of Celgene, which was announced in January. After that deal was revealed, the FTC indicated that the combination of Otezla with a similar BMS drug in the late stages of development would be anticompetitive. The Otezla sale is contingent on the FTC’s approval of the Celgene-BMS deal.

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