Amgen Inc will buy Celgene Corp's psoriasis drug Otezla for $13.4 billion i...
- Amgen Inc will buy Celgene Corp’s psoriasis drug Otezla for $13.4 billion in cash, clearing the way for Bristol-Myers Squibb to go ahead with its $74 billion deal for Celgene by the end of the year.
Amgen, which announced the deal on Monday, is paying a hefty price for the drug, analysts and investors said. Still, Otezla will deliver growth for the company right away and its shares rose around 2 percent in early trading.Bristol-Myers said in June that it would sell Otezla to allay concerns raised by the Federal Trade Commission because of a competing treatment that it is developing. Analysts said at the time that they were expecting Otezla to sell for around $8 billion to $10 billion.
Otezla brought in sales of $1.61 billion last year. Amgen said it expected the drug’s sales to grow at least in the low-double digits over the next five years. “This is an attractive product for them that fits more or less with their current portfolio,” he said. “It’s an approved product with a good safety profile, so there’s not a lot of risk.”
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Amgen to Buy Psoriasis Treatment Otezla for $13.4 Billion in CashAmgen said Monday it had agreed to buy the psoriasis treatment Otezla from Celgene for $13.4 billion in cash in a deal that will pave the way for Bristol-Myers Squibb to complete its acquisition of Celgene.
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Amgen to buy Celgene's Otezla for $13.4 billionShares of Amgen Inc. fell 1.0% in premarket trading Monday after the biotechnology company said it agreed to buy Celgene Corp.'s psoriasis treatment Otezla for $13.4 billion in cash. Bristol-Myers Squibb Co. said the previously announced decision to Otezla was part of the regulatory approval process for the pending acquisition of Celgene. Shares of Celgene surged 3.7% in premarket trading and Bristol-Myers Squibb Co. shot up 5.2%. Amgen said the deal will immediately add to adjusted earnings per share, and will not interrupt the deployment of its capital allocation priorities. "The acquisition of Otezla offers a unique opportunity for Amgen to provide patients an innovative oral therapy for psoriasis and psoriatic arthritis that fits squarely within our portfolio and complements our Enbrel(R) and AMGEVITA(R) brands," said Amgen Chief Executive Robert Bradway. Amgen's stock has gained 2.3% year to date while the Dow Jones Industrial Average rallied 9.9%.
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Celgene to sell psoriasis drug Otezla for $13.4 billion to AmgenCelgene Corp will sell its psoriasis drug Otezla for $13.4 billion in cash to Am...
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