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Amgen said Monday that it will buy the psoriasis pill Otezla from Celgene, which is selling the medicine to remove an antitrust obstacle from its planned merger with Bristol-Myers Squibb.

The purchase price for Otezla is $13.4 billion — higher than many analysts expected.


Bristol-Celgene investors will surely be pleased about fetching such a high price for what was essentially a forced product divestiture. Amgen shareholders might be a bit more wary about paying so much for Otezla, even though the drug is a good strategic fit.

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