Bristol-Myers shares up after top investor resists Celgene deal

  • 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
Giovanni Caforio, CEO, Bristol-Meyers Squibb.

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.