Bristol Myers Squibb (BMY)

[DewDiligence]

BMY will divest CELG’s Otezla to satisfy FTC—merger closing delayed:

https://finance.yahoo.com/news/bristol-myers-squibb-provides-pending-105900638.html

Once the FTC accepts the consent order and the other customary closing conditions are satisfied, Bristol-Myers Squibb intends to close the Celgene transaction at the earliest possible date, which it currently expects to be at the end of 2019 or the beginning of 2020.

This is a delay from the prior guidance of 3Q19.

The proceeds of the planned divestiture are unknown; Otezla has current annualized sales of about $1.6B (#msg-148444731).