By Breakingviews
Bristol-Myers Squibb's (BMY) acquisition of Celgene (CELG) needs surgery. Two of the U.S. pharmaceutical group's shareholders - Wellington Management and activist Starboard Value - have come out against the $74-billion deal it struck with the biotech firm in January. The market isn't pricing in the acquisition happening as Bristol-Myers envisaged. It doesn't help that the buyer was already overpaying.
Wellington Management, which owns about 8 percent of Bristol-Myers, rarely publicly opposes deals. It says this one is too risky and that there were "alternate paths to create value." Starboard, whose stake was totted