BMY - Why Amgen's Spending Billions to Buy This 1 Drug; Plus Heart Disease Has a New Enemy
After the Federal Trade Commission (FTC) demanded Bristol-Myers Squibb (NYSE: BMY) sell its blockbuster Otezla to secure approval for its $74 billion acquisition of Celgene (NASDAQ: CELG), a bidding war resulted in Amgen (NASDAQ: AMGN) agreeing to pay $13.4 billion in cash for the psoriasis drug. Amgen's purchase price is well above the range most industry watchers were expecting, but the acquisition could still pay off.
In this episode of The Motley Fool's Industry Focus: Healthcare, analyst Shannon Jones and healthcare contributor Todd Campbell explain why buying Otezla could be a win-win for all the companies involved.
Also, Jones and Campbell dig into compelling data on a new cholesterol-busting drug under development at The Medicines Company (NASDAQ: MDCO). Tune into find out how this new drug may reduce the risk of heart disease.