Diamonds and Dogs
Bristol-Myers (BMY) trading up 3% as the deal to acquire Celgene is moving forward. Bristol today announced Celgene will sell the rights to their psoriasis drug, Otezla to Amgen for $13.4 billion. The FTC required the sale of Otezla as a condition of allowing the merger. Bristol-Myers Squibb will move forward with its merger with Celgene, which was originally expected to have closed by now but has been delayed. Bristol-Myers said it would increase their buy back $7 billion in shares, increasing a previously announced $5 billion buyback.
Good news for Amgen, bad news for Alexion Pharmaceuticals (ALXN). Alexion Pharma is down 3% today after dropping 3% on Friday following speculation of a buyout offer over the weekend. The rumored acquirer was Amgen. Well Amgen did make a deal over the weekend, but it was not for Alexion Pharma.