Bristol's Acquisition of Celgene Adds More Specialty Drugs With a Focus in Oncology
Bristol-Myers Squibb and Celgene are merging in a $74 billion deal that we think represents a very logical buildout of Bristol's pipeline in oncology and immunology. With obvious therapeutic area overlap and $2.5 billion in annual cost synergies expected by 2022 (the majority from SG&A and likely commercial overlap and overhead), we think the deal is positive strategically and financially. Prior to the deal, we saw Celgene's near-term pipeline as significantly undervalued, and our estimate o...Bristol-Myers Squibb is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products. The company's products are sold worldwide, primarily to wholesalers, specialty distributors, retail pharmacies, hospitals, government entities and the medical profession. The company manufactures products in the United States and Puerto Rico and has manufacturing operations in two foreign countries. The company has products in the following therapeutic classes: hematology, oncology, cardiovascular and immunology. The company's pharmaceutical products include chemically-synthesized or small molecule drugs and products produced from biological processes, called biologics.
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