Bristol-Myers ‘confident’ in combination with Celgene, will respond to Starboard

Bristol-Myers Squibb (BMY) issued the following statement in response to a letter from Starboard Value: “Bristol-Myers Squibb welcomes the opinions of all of its stockholders and will review Starboard’s letter and respond in due course. The Bristol-Myers Squibb Board and management team are confident that our combination with Celgene Corporation (CELG) will create a premier biopharma company and deliver substantial benefits to our stockholders. This combination is consistent with our strategy and is the natural next step in the evolution of Bristol-Myers Squibb. As a combined entity, we will enhance our leadership positions across our portfolio, including in oncology, immunology and inflammation and cardiovascular. We will also benefit from an expanded early- and late-stage pipeline highlighted by six expected near-term product launches, including five from Celgene, representing more than $15 billion in total revenue potential. Together, our pipeline holds significant promise for patients, allowing us to accelerate new options through a broader range of cutting-edge technologies and discovery platforms.”
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