NEWS： Bristol-Myers Squibb's $74 billion acquisition
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Bristol-Myers Squibb (BMY.N) said Thursday it would buy Celgene (CELG.O) for about $74 billion, the largest pharmaceutical merger in history, bringing together the world's two largest cancer drug manufacturers.
Both Bristol-Myers Squibb and New Kit face challenges, and some Wall Street analysts question whether the merger will solve the problem. The two companies claim that the merger will result in $2.5 billion in cost savings and a substantial increase in profits. Due to clinical setbacks and other failures, Bristol-Myers Squibb's share price fell 15.2% in 2018, while Xinji's fell nearly 40% last year.
Opdivo, the company's most important cancer immunotherapy and growth engine, has lost its luster. Keytruda, a similar drug produced by Merck (MRK.N), dominates the most profitable cancer drug market, the market for advanced lung cancer drugs. At the same time, Xinji has also experienced a high-profile clinical failure. Its flagship product, Revlimid, a multiple myeloma drug, will gradually end its market exclusiveness from 2022.
On Thursday, Bristol-Myers Squibb shares plunged another 14% to $44.77. "The deal clearly shows that the risks faced by Opdivo, a lung cancer drug, are clearly a major concern," John Boris, an analyst at Sun Trust Robinson Humphrey, said in an interview.
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