bristol Myers squibb, Celgene

Bristol-Myers Squibb has confirmed it is to acquire Celgene for $76bn thereby creating a new leader in oncology.

The deal, which has actually been talked about for at least two years, comes as little surprise to investors and once cleared will create a combined revenue of $34bn, making it fourth behind Pfizer, Novartis and Roche.

Giovanni Caforio, CEO at BMS, said: “Together with Celgene, we are creating an innovative biopharma leader, with leading franchises and a deep and broad pipeline that will drive sustainable growth and deliver new options for patients across a range of serious diseases.”

As part of the transaction, BMS will gain access to Celgene’s cancer therapy Revlimid (lenalidomide), as well as its CAR-T portfolio, which it recieved via its $9-billion takeover of Juno Therapeutics last year.

The ultimate result for both companies is a lead in oncology in both solid tumours and haematological malignancies led by Opdivo (nivolumab) and Yervoy (ipilimumab) as well as Revlimid and Pomalyst. Additionally the joint company will now have a top 5 immunology. and inflammation franchise led by Orencia (abatacept) and Otezla (apremilast).