WASHINGTON: Bristol-Myers Squibb Co and Celgene Corp have won U.S. antitrust approval for their merger on condition that they sell Celgene's psoriasis drug Otezla, the Federal Trade Commission said in a statement on Friday.
Bristol-Myers Squibb announced in January it would buy Celgene Corp in a cash-and-stock deal for about US$74 billion, combining two of the world's largest cancer drug businesses in the biggest pharmaceutical deal ever. "The Commission has ordered BMS to divest Otezla to preserve BMS's incentive to continue developing its own oral product for treating moderate-to-severe psoriasis," FTC Chairman Joseph Simons said in a statement.The five members of the FTC split along party lines on whether to approve the proposed merger, with the three Republicans in favor and two Democrats opposed.
Source: News Formal (newsformal.com)
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