Amgen to Buy Celgene's Otezla for $13.4 Billion
26 August 2019 - 1:14PM
Dow Jones News
By Colin Kellaher
Amgen Inc. (AMGN) on Monday said it agreed to buy the psoriasis
treatment Otezla from Celgene Corp. (CELG) for $13.4 billion in
cash in a deal that will pave the way for Bristol-Myers Squibb Co.
(BMY) to complete its acquisition of Celgene.
Amgen said the deal is worth about $11.2 billion, net of the
present value of $2.2 billion in anticipated future cash tax
benefits.
Bristol-Myers and Celgene previously agreed to shed Otezla to
satisfy regulatory concerns over their union. Bristol-Myers said it
expects to complete the acquisition of Celgene by the end of the
year.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 26, 2019 06:59 ET (10:59 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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