By Dave Sebastian

Shares of Bristol-Myers Squibb Co. (BMY) rose more than 5% in premarket trading after Amgen Inc. (AMGN) on Monday said it agreed to buy Celgene Corp.'s (CELG) psoriasis treatment Otezla, paving the way for Bristol-Myers to acquire Celgene.

The deal is worth about $13.4 billion in cash, Amgen said.

In January, Bristol-Myers said it would acquire Celgene at about $74 billion, but the U.S. Federal Trade Commission raised anticompetitive concerns related to anti-inflammatory drugs. The companies in June said they would shed Otezla to satisfy the FTC's concerns.

Shares of Celgene rose more 3.2% in premarket trading, while Amgen shares declined more than 1%.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

August 26, 2019 07:59 ET (11:59 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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