Pharma BD Deal Intelligence

Bristol-Myers Squibb Company / Celgene Corporation

2019 · Acquisition/Merger · $74.0B · Complete

The Street Said

Strongly positive — critic reaction at announcement

History Says

Worked — the deal delivered on its rationale

CALLED IT — OFF BY 2

BMS transformed into top-5 biopharma with $45B+ revenue and $2.5B synergies achieved early

Full analysis, sources & comparables →

Top 5 largest deals of the 2010s

Ranks computed across 828 graded deals (Critic + Outcome Score both present).

The coverage arc

Jan 03, 2019 CNBC Neutral

Bristol-Myers Squibb announced a $74 billion acquisition of Celgene Corporation in a cash and stock transaction valued at $102.43 per Celgene share.

Nov 21, 2019 BioSpace Bullish

BMS Completes $74 Billion Celgene Takeover. Giovanni Caforio, BMS CEO, stated the merger creates the number one oncology franchise for solid and hematologic…

Dec 04, 2019 DCAT Value Chain Insights Bullish

Bristol-Myers Squibb finalized its acquisition of Celgene for $74 billion in November 2019, creating a merged entity with projected near-term revenue…

Source summaries from our enrichment pipeline; follow links for originals.

All 8 sources with sentiment breakdown →

Bristol-Myers Squibb acquired Celgene for approximately $74 billion in a cash-and-stock deal, the largest pharmaceutical transaction of the decade. Celgene shareholders received 1.0 BMS share plus $50 in cash per share, plus one tradeable CVR worth up to $9. The combination created a leading biopharma company with nine billion-dollar products spanning oncology, hematology, immunology, and cardiovascular disease.

Did it work? Outcome assessment

BMS transformed into top-5 biopharma with $45B+ revenue and $2.5B synergies achieved early

Strategic verdict

Achieved Stated Rationale

Assessment window: 15yr post-close.

Key facts

Announced Jan 03, 2019
Closed Nov 20, 2019
Deal value $74.0B
Deal type Acquisition/Merger
Therapeutic area Gastroenterology, Gene Therapy, Hematology, Immunology, Neurology, Oncology
Indications Multiple Myeloma, Myelodysplastic Syndromes, Mantle Cell Lymphoma, Diffuse Large B-Cell Lymphoma, Multiple Sclerosis, Myelofibrosis, Beta-Thalassemia
Key assets Revlimid (lenalidomide), Pomalyst (pomalidomide), Abraxane (nab-paclitaxel), Reblozyl (luspatercept), Inrebic (fedratinib), ozanimod, liso-cel (Breyanzi), ide-cel (Abecma)
Mechanism Immunomodulatory agent (IMiD), Sphingosine 1-phosphate receptor modulator, Erythroid maturation agent, JAK2 inhibitor, CAR-T cell therapy

Related deals — scored

Deal	Year	Value	Outcome
Bristol-Myers Squibb Company / Celgene Corporation (this deal)	2019	$74.0B	77
Bristol-Myers Squibb Company / Medarex Inc.	2009	$2.4B	92
Bristol-Myers Squibb Company / MyoKardia Inc.	2020	$13.1B	76
Bristol-Myers Squibb Company / Karuna Therapeutics	2023	$14.0B	76
Bristol-Myers Squibb Company / Ono Pharmaceutical Co., Ltd.	2011	—	76
Bristol-Myers Squibb Company / SystImmune Inc.	2023	$8.4B	71
Bristol-Myers Squibb Company / Turning Point Therapeutics Inc.	2022	$4.1B	70

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