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Mega-Merger

Bristol-Myers Squibb Commences Celgene Debt Exchange

| Editor: Alexander Stark

Bristol-Myers Squibb started with the acquisition biopharmaceutical company Celgene.
Bristol-Myers Squibb started with the acquisition biopharmaceutical company Celgene. (Source: Bristol-Myers Squibb)

Bristol-Myers Squibb announced the commencement of the exchange of Celgene's debts, in connection with its previously announced acquisitions. Previously, a majority of the company's shareholders voted to approve the combination at a special meeting of stockholders.

New York/USA — As previously announced, Bristol-Myers Squibb entered into an agreement and plan of merger with the biopharmaceutical company. The merger agreement provides that Celgene will be surviving as a wholly owned subsidiary of the company.

The Commencement of Exchange Offers and Consent Solicitations comprises an exchange offer for any and all outstanding notes issued by Celgene for up to $ 19.85 billion aggregate principal amount of new notes to be issued by Bristol-Myers Squibb and cash.

More than 75 % of the shareholders voted at the Special Meeting in favor of the merger agreement. The transaction remains on track to close in the third quarter of 2019, subject to the satisfaction of customary closing conditions and regulatory approvals.

Celgene, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through next-generation solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. After completion of the transaction, Bristol-Myers Squibb shareholders are expected to own approximately 69 % of the company, and Celgene shareholders are expected to own approximately 31 %.

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