Celgene Rises as European Commission OKs Merger With Bristol-Myers

Investing.com - Celgene (NASDAQ:CELG) was higher in midday trade on Monday after the European Union Commission gave its blessing for the biopharmaceutical company to merge with Bristol-Myers Squibb (NYSE:BMY).

The approval from the commission is just one of a few regulatory hurdles the company faces before the acquisition is completed.

“Clearance from the European Commission is an important milestone toward completing our combination with Celgene and moves us one step closer to creating a leading biopharma company that is well positioned to develop and deliver innovative, meaningful medicines to patients,” said Giovanni Caforio, chairman and CEO of Bristol-Myers Squibb.

Bristol-Myers intends to close the deal by the beginning of 2020 at the latest. The acquisition was announced in January but has yet to be approved by the U.S. Federal Trade Commission.

Shares of Celgene (NASDAQ:CELG) rose 0.3%, while Bristol-Myers gained 0.2%.

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