After months of horse-trading, hand-wringing, and heated debate, the $74 billion merger of Bristol-Myers Squibb and Celgene was finally approved by shareholders on Friday. “We’re very excited about the new company,” Giovanni Caforio, Bristol’s chairman and CEO, said at the meeting.
Now what?
Like Dustin Hoffman and Katharine Ross in the last scene of “The Graduate,” the two biopharma newlyweds got what they wanted, and now they’ll have to get used to one another’s idiosyncrasies. That means navigating a patent cliff, dealing with rough market dynamics, and trying to keep key employees from updating their résumés.
When will celgene stop trading?
CELG lost their spectacular leadership, when appointing Mark Alles
as CEO. They by passed Jackie Fouse’ , COO , President and most
important entrepreneurial , Sell Side favorite person in management,
so they could appoint a bright guy , Mark Alles who didn’t have CEO ability. The very costly Mongersen deal for a PH I/II Italian asset with no proof of concept . Alles as CEO obviously didn’t read the electronic NDA filing and missed the absence of Pre Clinical Data on Ozanimod as well as its Metabolite. This is the most costly blunder in Biotech History, costing the Company 70% of its market cap and its independent status. Now the BMY rescue. I believe Giovanni Caforio (CEO) and Tom Lynch (CSO) of BMY will allow for the creation of an Oncology Giant. I would own the CVR, as the chance of it paying off is high, IMHO. First time in my 25 years in the sector that such a horrendous blunder created a Giant Merger. My $.02 worth.
The marriage has not happened yet. Only the BMS shareholders have approved the merger.
I suggest the following name: Bristolgene Squibbcel !!!!
Actually both Celgene and Brystol Myers Squibb shareholders approved the merger today. The former did so with around 70% of votes in favor, the latter with around 75%. Its a done deal.