BMS, Celgene mega-merger gets shareholder approval, despite investor dissent

By PharmaCompass

2019-04-18

Impressions: 143 Article

Last month, there was news that the US$ 74-billion mega-merger of Bristol-Myers Squibb Company (BMS) and Celgene Corporation may get derailed due to investor opposition. The opposition of Starboard Value and Wellington Management to the merger had left investors baffled, as the takeover appeared to be in trouble.

However, last week BMS announced its shareholders have voted to approve the US$ 74 billion takeover of Celgene, despite a campaign by Starboard Value to scuttle the deal.

The company said more than 75 percent of the shareholders voted at the special meeting in favor of the Celgene merger agreement.

“We are pleased with the outcome of today’s Special Meeting and thank our shareholders for their support for this combination,” Giovanni Caforio, chairman and CEO of BMS, said.

BMS announced in early January that it planned to buy Celgene in a cash and stock transaction to bring together companies that specialize in oncology and cardiovascular drugs in what would be the largest pharmaceutical industry merger ever. But two large investors — Starboard and Wellington Management — had opposed the deal.

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