Celgene shareholders OK sale to Bristol-Myers

Summit-based biopharmaceutical company Celgene Corp. announced Friday that its shareholders have approved its sale to Bristol-Myers Squibb.

The deal, valued at $74 billion when it was announced in January, was approved by stockholders representing more than 70% of the shares outstanding, with 98% of the votes cast, Celgene said.

“On behalf of the Celgene board of directors, I would like to thank our stockholders for their overwhelming support of this transaction,” Chairman and CEO Mark Alles said in a prepared statement. “The combined company will create a leading focused specialty biopharma company well-positioned to address the needs of patients with cancer, inflammatory and immunologic disease and cardiovascular disease through high-value innovative medicines and leading scientific capabilities.”

Celgene shareholders will receive 1 Bristol-Myers share and $50 in cash for each Celgene common share they hold, plus 1 contingent value right worth $9 if milestones are achieved.

The transaction is expected to close in the third quarter, pending customary approvals and conditions.

Read more from ROI-NJ: