UPDATE 2-Amgen to buy Celgene's psoriasis drug Otezla for $13.4 bln in cash [Reuters (UK)]
Amgen Inc. (AMGN)
Last amgen inc. earnings: 4/30 04:01 pm
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Source: Reuters
Amgen to buy Celgene's psoriasis drug Otezla for $13.4 billion in cash - Reuters 2 Min Read (Reuters) - Amgen Inc said on Monday it would 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. Bristol-Myers now expects the Celgene deal to close by 2019 end, pushing Celgene’s shares up 3% before the opening bell. Amgen shares, however, fell as some investors worried that the company was shelling out more-than-expected for the drug. The deal for Otezla and certain related assets and liabilities is valued at $11.2 billion, net of the present value of $2.2 billion in future cash tax benefits. Bristol-Myers in June offered to sell Otezla, with an analyst valuing a deal for the drug at about $9 billion. RBC Capital Markets analyst Brian Abrahams, who had earlier said that Otezla was a better fit for Gilead Sciences Inc, also pointed to the high price that Amgen was offering. Otezla brou
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