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Bristol-Myers Squibb Co. (BMY) disclosed that it needs to dispose of Celgene’s (CELG) Otezla to address US Federal Trade Commission ((FTC)) fears over the possibility of BMY/CELG dominating in the psoriasis space. As a result, the BMY/CELG merger finalization is expected to be pushed to late 2019 or early 2020 or a delay of 3-6 months from prior expectations.
This negative surprise has taken a toll on BMY’s share price amid concerns over the ability of BMY to close the deal. However, this represents a buying opportunity for long-term investors seeking