FTC clears Bristol-Myers takeover of Celgene

The Federal Trade Commission has cleared the way for Bristol-Myers Squibb to complete its acquisition of Celgene for $74 billion, one of the largest deals in pharmaceutical history.

Under the Nov. 15 agreement, Celgene has agreed to sell its blockbuster psoriasis treatment, Otezla, to Amgen. Bristol-Myers Squibb is developing a competing treatment, which raised antitrust concerns about the Celgene acquisition.

Bristol-Myers Squibb has now satisfied all regulatory requirements to complete the merger, expected to close on Nov. 20. The drugmaker said it expects the Otezla divestiture to be completed promptly after the acquisition.

Read the full news release here.

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