Bristol-Meyers Squibb news for Monday has BMY stock taking a beating.
Bristol-Meyers Squibb (NYSE:BMY) is seeing its stock fall today after announcing an update on its merger deal with Celgene (NASDAQ:CELG). The company notes that it is dealing with delays for the merger as it attempts to get approval from the U.S. Federal Trade Commission (FTC).
According to Bristol-Meyers Squibb, it is moving forward with the divestiture of Otezla as part of its efforts to speed the process along. The company notes that this will require review by the FTC. It will also mean that it has to enter into a consent decree with the government organization.
In the Bristol-Meyers Squibb news release, the company says that it still wants to complete the merger with Celgene as soon as possible. It is now estimating that the deal will reach completion by the end of 2019 or in early 2020. BMY and CELG were originally planning for the deal to close during the third quarter of the year.
The Bristol-Meyers Squibb news for today also includes other updates on getting approval for the deal. Among these is both BMY and CELG shareholders giving their approval for the deal. The companies are also pointing out that they have started the pre-notification process with the European Union. They have also submitted the formal application for clearance as well.
BMY stock was down 7% and CELG stock was down 5% as of noon Monday.
As of this writing, William White did not hold a position in any of the aforementioned securities.