Pharmaceutical giant Bristol-Myers Squibb to buy Celgene in $74b deal

NEW YORK - Global pharmaceutical giant Bristol-Myers Squibb has agreed to acquire biotech firm Celgene Corp in a deal worth $74 billion, the company announced on Thursday.

The combined company will have nine products with more than $1 billion in annual sales, foreseeing significant potential for growth in oncology, immunology, and inflammation and cardiovascular disease.

Celgene shareholders will get one Bristol-Myers Squibb share and $50 in cash for each share held, or $102.43 per share, a premium of 53.7 percent to Celgene shareholders based on Wednesday closing.

Bristol-Myers Squibb shares fell 14 percent to $44.75 in early US trading, while Celgene shares rose 32 percent to $87.40.