Contribute Try STAT+ Today

Bristol-Myers Squibb (BMY) management last Friday called a meeting with Wall Street analysts in what one described as a “semi-urgent fashion” in hopes of convincing investors that its $74 billion bid for Celgene (CELG) really is a good deal. But even after the session, Tim Anderson of Wolfe Research signaled that the odds the transaction will close are “not as high as some are thinking.”

The move came a week after two funds opposed the proposal, arguing Bristol stockholders are being asked to accept too much risk, because the transaction is priced “well below” asset value, and “could be more difficult to achieve than depicted” by Bristol management. The funds, Wellington Management and Starboard Value, openly expressed concerns that were already building among some investors.

Unlock this article by subscribing to STAT+ and enjoy your first 30 days free!


What is it?

STAT+ is STAT's premium subscription service for in-depth biotech, pharma, policy, and life science coverage and analysis. Our award-winning team covers news on Wall Street, policy developments in Washington, early science breakthroughs and clinical trial results, and health care disruption in Silicon Valley and beyond.

What's included?

  • Daily reporting and analysis
  • The most comprehensive industry coverage from a powerhouse team of reporters
  • Subscriber-only newsletters
  • Daily newsletters to brief you on the most important industry news of the day
  • STAT+ Conversations
  • Weekly opportunities to engage with our reporters and leading industry experts in live video conversations
  • Exclusive industry events
  • Premium access to subscriber-only networking events around the country
  • The best reporters in the industry
  • The most trusted and well-connected newsroom in the health care industry
  • And much more
  • Exclusive interviews with industry leaders, profiles, and premium tools, like our CRISPR Trackr.

Your daily dose of news in health and medicine

Privacy Policy