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Nov. 15, 2019, 5:44 p.m. EST

FTC makes Celgene's Otezla divestiture official condition for Bristol-Myers acquisition

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By Wallace Witkowski

Celgene Corp. is required to divest its most popular psoriasis treatment in order to be acquired by Bristol-Myers Squibb Co. /zigman2/quotes/202559280/composite BMY +0.52% , the Federal Trade Commission announced Friday. For Bristol-Myers to close on its $74 billion acquisition, Celgene will have to sell its drug Otezla for $13.4 billion to Amgen Inc. /zigman2/quotes/209157011/composite AMGN +0.07% , the FTC said. "The Commission has ordered BMS to divest Otezla to preserve BMS's incentive to continue developing its own oral product for treating moderate-to-severe psoriasis," said FTC Chairman Joseph Simons in a statement. "The antitrust laws protect not only competition today, but competition in the future, especially when it comes to the development of new treatments for chronic conditions." The companies already anticipated the FTC's concerns and agreed to the deal back in August.

/zigman2/quotes/202559280/composite
US : U.S.: NYSE
$ 62.41
+0.32 +0.52%
Volume: 18.26M
Dec. 11, 2019 6:30p
P/E Ratio
17.96
Dividend Yield
2.88%
Market Cap
$101.68 billion
Rev. per Employee
$968,283
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/zigman2/quotes/209157011/composite
US : U.S.: Nasdaq
$ 234.01
+0.17 +0.07%
Volume: 1.75M
Dec. 11, 2019 4:00p
P/E Ratio
17.95
Dividend Yield
2.48%
Market Cap
$139.05 billion
Rev. per Employee
$1.11M
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