Shares of Amgen Inc. fell 1.0% in premarket trading Monday after the biotechnology company said it agreed to buy Celgene Corp.’s psoriasis treatment Otezla for $13.4 billion in cash.
Bristol-Myers Squibb Co. said the previously announced decision to Otezla was part of the regulatory approval process for the pending acquisition of Celgene. Shares of Celgene surged 3.7% in premarket trading and Bristol-Myers Squibb Co. shot up 5.2%. Amgen said the deal will immediately add to adjusted earnings per share, and will not interrupt the deployment of its capital allocation priorities.
“The acquisition of Otezla offers a unique opportunity for Amgen to provide patients an innovative oral therapy for psoriasis and psoriatic arthritis that fits squarely within our portfolio and complements our Enbrel(R) and AMGEVITA(R) brands,” said Amgen Chief Executive Robert Bradway.
Amgen’s stock has gained 2.3% year to date while the Dow Jones Industrial Average rallied 9.9%.
By Tomi Kilgore
Source: MarketWatch
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