What happened to my Celgene stock?
Celgene common stock ceased trading as of the close of trading today. On November 21, 2019, newly issued Bristol-Myers Squibb shares and CVRs will commence trading on the New York Stock Exchange, with the CVRs trading under the symbol “BMYRT.”
Can I still buy Celgene stock?
It's not too late to buy Celgene stock at all -- as long as you hold on to the Bristol-Myers Squibb stock you get when the acquisition closes.
Did Celgene get bought out?
By erasing one of the industry's most active partners, the $74 billion deal promises to shake up biotech for years to come.
How much was Celgene sold for?
$74 billionIn less than a year's time, Bristol-Myers Squibb has completed its $74 billion acquisition of Celgene. BMS share prices are up slightly to 57.09, higher than the company was trading at when the acquisition was announced at the beginning of the year.
Why did BMS acquire Celgene?
The transaction will create a leading focused specialty biopharma company well positioned to address the needs of patients with cancer, inflammatory and immunologic disease and cardiovascular disease through high-value innovative medicines and leading scientific capabilities.
What happened to Celgene CVR?
For CVR holders: Because the milestone of approval of liso-cel by December 31, 2020 was not met, the CVR agreement has automatically terminated in accordance with its terms, the security will no longer trade on the NYSE, and the CVRs are no longer eligible for payment.
What did BMS pay Celgene?
$74 billionThe moves follow Bristol Myers Squibb's massive 2019 purchase of Celgene for $74 billion—a deal that hasn't always worked out smoothly for investors, especially on the Celgene side of things.
What drugs does Celgene make?
Products. As of 2019, Celgene focused on oncology and immunology. Cancer drugs include Revlimid (lenalidomide) and Pomalyst (pomalidomide) and the immunology drug Otezla (apremilast) accounted for around 90% of the company's total revenue as of 2019.
Who did Bristol Myers buy?
Category: NEW YORK & SAN DIEGO--(BUSINESS WIRE)-- Bristol Myers Squibb (NYSE:BMY) and Turning Point Therapeutics, Inc. (NASDAQ:TPTX) today announced a definitive merger agreement under which Bristol Myers Squibb will acquire Turning Point Therapeutics for $76.00 per share.
Who owns Bristol Myers?
Bristol Myers SquibbA Bristol Myers Squibb R&D facility in Lawrence, New JerseyFounded1887FoundersWilliam McLaren Bristol John Ripley Myers E. R. SquibbHeadquarters430 East 29th Street New York City, New York, United StatesKey peopleGiovanni Caforio, M.D. (Chairman & CEO) David Elkins (CFO)13 more rows
When did Celgene acquire Juno?
January 2018A few months later, in January 2018, Celgene acquired Juno in a $9 billion deal. The New Jersey-based biotech company continues to operate Juno's Seattle R&D space and its manufacturing facility in nearby Bothell, Wash. Giovanni Caforio, Bristol-Myers Squibb CEO.
What does Bristol Myers make?
Bristol Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. At Bristol Myers Squibb, we believe in the power of science to address some of the most challenging diseases of our time.
What happened
Shares of cancer-treating biopharmaceutical company Celgene (NASDAQ: CELG) sold off on Thursday, closing down 8.6% after yet another high-profile shareholder of Bristol-Myers Squibb (NYSE: BMY) -- the even bigger Big Pharma company that's trying to buy Celgene -- announced that it opposes Bristol-Myers going through with the deal.
So what
Wellington, the largest holder among the three firms named, owns only about 7.7% of Bristol-Myers stock, according to data from S&P Global Market Intelligence. Combined with Dodge & Cox's 2.6% stake, that's still barely 10% of Bristol-Myers' shares now on record opposing the sale -- not enough to scuttle the deal.
Now what
That being said, there's still six weeks to go before Bristol-Myers shareholders are scheduled to vote on this deal. With opposition continuing to mount and plenty of time to organize more opposition before April 12, it's impossible to totally discount the risk that this deal could fall through.
What happened
Celgene (NASDAQ: CELG) is down 18.2% at 12:11 p.m. Thursday after releasing third-quarter earnings. It wasn't so much third-quarter revenue, which was up 10% year over year, or the adjusted earnings per share, which jumped 21% year over year, but the lowered guidance that has investors concerned.
So what
The biotech adjusted both 2017 guidance and its long-term 2020 guidance that was originally given in early 2015, although it was the latter that was most concerning.
Now what
The reduced guidance is certainly disappointing, especially for a company that tends to be conservative, so investors have become accustomed to seeing guidance increased throughout the year.
How much did Celgene pay upfront?
IMAGE SOURCE: GETTY IMAGES. The disappointment caused a sharp drop-off in Celgene's shares because Celgene had paid more than $700 million upfront for the drug, and it will now be forced to take up to $500 million in writedowns this quarter alone. On October 26, Celgene reported additional bad news when it released its third-quarter financials.
Is Celgene's third quarter bad?
On October 26, Celgene reported additional bad news when it released its third-quarter financials. Weaker-than-anticipated growth for its psoriasis drug Otezla resulted in management reducing the high end of its sales guidance for the year. The company also cut its 2020 forecast to reflect GED-0301's failure and the slowdown in Otezla.
What happened
After a prolonged losing streak, Celgene Corporation 's (NASDAQ: CELG) stock rebounded quite nicely last month by gaining 13.4%, according to data from S&P Global Market Intelligence. What sparked this rally?
So what
Celgene's stock has been in a tailspin over concerns that the company won't be able to keep growing once Revlimid loses exclusivity in the coming decade. The biotech, after all, bumbled the regulatory filing for the blockbuster-in-waiting ozanimod earlier this year.
Now what
Celgene plans on filing for luspatercept's regulatory approval in the first half of 2019. That's key because several experimental medicines and therapies are not far behind this drug for both of its proposed indications.