ISS Recommends Shareholders Vote 'FOR' Bristol-Myers Squibb (BMY)/Celgene (CELG) Deal
(Updated - March 29, 2019 9:34 AM EDT)
Highlights from ISS
- strategic rationale is 'is sound'.
- replenishes BMY's late-stage pipeline, diversifying its exposure to its top drug (Opdivo)
- CELG's patent cliff was known in the market
- valuation "appears reasonable"
- seems to be no evidence to suggest that a buyer will be waiting on the other side of a broken deal to acquire BMY
- For BMY, the standalone scenario seems highly challenged.