Amgen to buy Celgene's blockbuster psoriasis drug for $13.4B

Amgen will buy Celgene's blockbuster psoriasis treatment Otezla for $13.4 billion in cash, according to The Wall Street Journal

The sale is a win for Bristol-Myers Squibb, which is working to overcome antitrust concerns to secure approval for its $74 billion acquisition of Celgene. 

Bristol-Myers said in June it would sell Otezla to ease concerns raised by the Federal Trade Commission because of a competing treatment it is developing. 

Otezla had $1.61 billion in sales last year. Amgen expects sales from the drug to increase over the next five years.

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