BMS to Create Oncology Drug Powerhouse with Celgene Acquisition
Bristol-Myers Squibb’s planned acquisition of Celgene this year will dramatically increase BMS’ position in oncology drugs as it absorbs the New Jersey-based company’s portfolio of existing cancer drugs and promising pipeline products.
Once approved by shareholders, the $74 billion acquisition will give BMS access to multiple major cancer drugs and candidates. One of Celgene’s top sellers, the blood cancer treatment Revlimid (lenalidomide), earned $2.5 billion in the third quarter of 2018, an 18 percent increase from the same period a year earlier.
Similarly, Celgene’s blood cancer drug Imnovid/Pomalyst (pomalidomide) saw sales of $513 million in the third quarter, a 23 percent year-over-year increase, and its non-small cell lung cancer treatment Abraxane (paclitaxel) saw revenues increase by 15 percent year-over-year to $288 million.