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Bristol-Myers Squibb to sell Otezla before merger with Celgene

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Christian Fernsby ▼ | June 25, 2019
Bristol-Myers Squibb
Acquisition   Bristol-Myers Squibb got a permission from the EU

Bristol-Myers Squibb Company provided an update on the approval process and timeline for the company’s pending merger with Celgene Corporation.

Bristol-Myers Squibb remains actively engaged in discussions with the U.S. Federal Trade Commission (“FTC”) on the FTC’s continued review of the proposed transaction.

To allow the transaction to close on a timely basis in light of concerns expressed by the FTC, Bristol-Myers Squibb is planning the divestiture of Otezla (apremilast).

The divestiture is subject to further review by the FTC and requires that Bristol-Myers Squibb enter into a consent decree with the FTC.

Once the FTC accepts the consent order and the other customary closing conditions are satisfied, Bristol-Myers Squibb intends to close the Celgene transaction at the earliest possible date, which it currently expects to be at the end of 2019 or the beginning of 2020.

The proceeds of the OTEZLA sale will allow Bristol-Myers Squibb to accelerate its post-closing deleveraging plans.

Bristol-Myers Squibb and Celgene have concluded their pre-notification process with the European Commission, and confirmed that they have today submitted the formal application for clearance by the European Commission.

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