Bristol-Myers shares up after top investor resists Celgene deal

February 28, 2019

(Reuters) – Bristol-Myers Squibb Co expressed disappointment on Thursday with the opposition of its top shareholder to a $74 billion takeover of Celgene Corp, 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.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty)

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