Finance

Bristol-Myers shares up after top investor resists Celgene deal

Key Points
  • Shares of the U.S. drugmaker were up 2 percent, while those of its smaller rival fell 8 percent before the opening bell, a day after asset manager Wellington Management said on Wednesday it did not support the deal to buy Celgene.
Giovanni Caforio, CEO, Bristol-Meyers Squibb.
Mark Neuling | CNBC

Bristol-Myers expressed disappointment on Thursday with the opposition of its top shareholder to a $74 billion takeover of Celgene, and said it would press on with what would be the largest pharmaceutical acquisition of all time.

Shares of the U.S. drugmaker were up 2 percent, while those of its smaller rival fell 8 percent before the opening bell, a day after asset manager Wellington Management said on Wednesday it did not support the deal to buy Celgene.

In a letter to employees, Bristol-Myers reiterated that the Celgene deal is the best path forward for the company and that it continued to believe strongly in the merits of the deal.

Next Article
Key Points
  • J.C. Penney reports earnings and sales for the holiday quarter that top analysts' lowered expectations.
  • The company plans to shut 18 department stores in 2019, including three it already announced.
  • It will additionally close nine of its home and furniture locations.