Bristol-Meyers Announces $74B Merger With Celgene In Deal Primed To Have Sweeping Implications For Drug Industry
In the first major pharmaceutical deal of 2019, Bristol-Myers Squibb says it will buy Celgene, a maker of cancer-fighting drugs, in a merger valued at $74 billion. According to Stat, Bristol-Myers has been under pressure to set a new course since August 2016, when a big study of its cancer immunotherapy, Opdivo, failed to show a benefit in previously untreated patients with non-small cell lung cancer.
The New York Times:
Bristol-Myers To Acquire Celgene In Deal Worth $74 Billion
Bristol-Myers Squibb said on Thursday that it would buy Celgene, a maker of cancer-fighting drugs, in a cash-and-stock deal valued at $74 billion, the first major pharmaceutical deal of 2019. Between them, the two companies produce nine drugs with annual sales of more than $1 billion apiece, Bristol-Myers said in a statement. Bristol-Myers shareholders will own 69 percent of the combined entity; Celgene shareholders will own the rest. Celgene shareholders will get one Bristol-Myers share and $50 in cash for each Celgene share. The deal values Celgene shares at $102.43 apiece, a 53.7 percent premium on the stock’s closing price on Wednesday. (Hsu and Thomas, 1/3)
Stat:
9 Big Takeaways From The $74 Billion Bristol-Celgene Deal
Bristol-Myers Squibb and Celgene wrested biotech from its post-holiday malaise with a proposed $74 billion merger, a plan that has sweeping implications for the drug industry as it grapples with declining fortunes, pressure over pricing, and nagging questions about its scientific productivity. Here are nine major takeaways from one of the biggest buyout in pharmaceutical history. (Garde, Feuerstein and Silverman, 1/3)
In other national health care news —
Bloomberg:
Drug-Price Fight Squeezes Pharma Between Wall Street And Trump
Washington wants drug prices to fall. Wall Street wants stock prices to rise. For some of the world’s largest pharmaceutical companies, pleasing both sides could be a problem. Last year, the industry promised restraint after President Donald Trump took aim at rising pharmaceutical costs. On Jan. 1, drugmakers returned to their annual practice of regular increases, boosting prices for dozens of treatments, from hot-selling arthritis therapies to painkillers at the center of the U.S. opioid epidemic. (Spalding and Griffin, 1/3)
The New York Times:
Their Influence Diminishing, Veterans Groups Compete With Each Other And Struggle With The V.A.
For generations, Veterans of Foreign Wars and American Legion posts have been as integral to American political culture as pancake breakfasts, town squares and state fairs. In advocating for veterans — among the country’s most revered and coveted voters — the groups have wielded unquestioned power on Capitol Hill and inside the White House. Now, nearly a generation after the Sept. 11, 2001, attacks, the oldest and largest veterans service organizations — known colloquially as “the Big Six” — are seeing their influence diluted, as newer, smaller organizations focused on post-9/11 veterans compete for money, political influence and relevance. (Steinhauer, 1/4)
CNN:
Mediterranean Diet: How To Start And Stay On It
A diet that's good for healthy weight loss? Check. One that reduces the risk for diabetes, high cholesterol, heart disease, stroke and some cancers? Check. A diet that strengthens bones, improves brain health and wards off dementia and depression? Check. (LaMotte, 1/3)
The Associated Press:
Detecting Depression: Phone Apps Could Monitor Teen Angst
Rising suicide rates and depression in U.S. teens and young adults have prompted researchers to ask a provocative question: Could the same devices that some people blame for contributing to tech-age angst also be used to detect it? The idea has sparked a race to develop apps that warn of impending mental health crises. Call it smartphone psychiatry or child psychology 2.0. (1/3)