The transaction closed after the parties agreed to sell off a major psoriasis drug.
Bristol-Myers Squibb has finalized its $74 billion acquisition of Celgene Corp., forming an even larger biopharmaceuticals giant, the company announced Wednesday.
Regulators signed off on the transaction, which was first announced in January, after Celgene agreed in August to sell its psoriasis drug Otezla to Amgen for $13.4 billion. Amgen announced Thursday that the divestiture is complete.
Bristol-Myers Squibb struck the Otezla deal to alleviate federal regulators' concerns over a competing treatment the company is already developing, as Reuters reported.
"This is an exciting day for Bristol-Myers Squibb as we bring together the leading science, innovative medicines and incredible talent of Bristol-Myers Squibb and Celgene to create a leading biopharma company," said Bristol-Myers Squibb Chairman and CEO Giovanni Caforio, MD, in a statement Wednesday.
"With our leading franchises in oncology, hematology, immunology and cardiovascular disease, and one of the most diverse and promising pipelines in the industry, I know we will deliver on our vision of transforming patients' lives through science," Caforio added. "I am excited about the opportunities for our current employees and the new colleagues that we welcome to the Company as we work together to deliver innovative medicines to patients."
Steven Porter is an associate content manager and Strategy editor for HealthLeaders, a Simplify Compliance brand.
The biopharma company announced its acquisition plans in January.
The CEO says his company will deliver on its vision to use science to transform patients' lives.