Amgen has agreed to buy Celgene’s psoriasis treatment for $13.4 billion in cash, in a deal that will pave the way for Bristol-Myers Squibb to complete its acquisition of Celgene.
The sale of Otezla to Amgen is contingent on a consent decree with the FTC and completion of the Celgene acquisition, which the company now expects to occur by the end of the year.
BMS shareholders approved the company’s $74 billion acquisition of rival Celgene in April, despite activist campaigns to break up the deal. Later in June, BMS said it was planning to sell Otezla in an effort to address Federal Trade Commission concerns about its pending merger with Celgene.
Otezla is currently approved for three indications in the U.S and brought in sales of $1.6 billion in 2018.
Read the press release