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BMY - Bristol-Myers Passes $74 Bln Deal's First Big Exam
Bristol-Myers Squibb Company
By Breakingviews
Bristol-Myers Squibb's (BMY) boss Giovanni Caforio can heave a sigh of relief. The drugmaker, valued at $76 billion at Friday's close, is stretching to buy Celgene (CELG) for almost as much again. To smooth U.S. antitrust review, it put its target's blockbuster psoriasis treatment, Otezla, on the market. Amgen (AMGN) has won that prize, for an unexpectedly rich $13.4 billion. That's a boost for Caforio's deal rationale - and timing.
Otezla is a rarity: a relatively young blockbuster drug available in a clean sale. Yet despite boasting $1.6 billion of revenue last year