Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Silver's rally could be losing its shine after the precious metal reached its year-to-date high, futures experts warn.Futures Nowread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
(Adds details on the delay, analyst comment, updates share movement)
June 24 (Reuters) - Bristol-Myers Squibb Co on Monday offered to divest Celgene Corp's psoriasis treatment Otezla to allay concerns raised by the U.S. competition regulator, and pushed back the closing of their $74 billion deal.
The surprise move sent Bristol's shares down 4.3% in morning trading, while Celgene fell nearly 4%.
Bristol announced its plans to buy Celgene in a cash-and-stock deal in early January to bring together the companies that specialize in oncology and cardiovascular drugs in the largest pharmaceutical industry merger ever. It had said it would close the deal in the third quarter of 2019.
However, now it expects the merger to close by the end of 2019 or the beginning of 2020.
The divestiture is subject to further review by the U.S. Federal Trade Commission (FTC) and requires Bristol to enter into a consent decree with the agency, Bristol said.
In March, the FTC had sought additional information from the companies as it focused on their psoriasis treatments as part of its review of their planned merger.
Otezla brought in revenue of $1.61 billion for Celgene in 2018. Bristol is also developing a treatment for the condition and in September reported positive results from a mid-stage trial of its plaque psoriasis drug.
"The company is continuing to develop its promising immunology pipeline asset, tyrosine kinase 2 (TYK2) inhibitor, in several autoimmune diseases, including psoriasis," Bristol said in a statement.
Jefferies analyst Michael Yee said the divestiture came as a surprise to the brokerage and can be seen as a sign that the FTC is being tougher on regulating competition.
Bristol said it remains actively engaged in discussions with the FTC on continued review of its offer to buy Celgene.
Separately on Monday, Bristol said its blockbuster cancer treatment Opdivo failed to meet the main goal of statistically significant improvement in overall survival in patients in a late-stage study.
The companies have submitted a formal application for the merger clearance by the European Commission, Bristol said. (Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Shinjini Ganguli)