ISS Recommends Shareholders Vote 'FOR' Bristol-Myers Squibb (BMY)/Celgene (CELG) Deal
Get Alerts BMY Hot Sheet
Price: $48.86 -0.27%
Rating Summary:
6 Buy, 26 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
6 Buy, 26 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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(Updated - March 29, 2019 9:34 AM EDT)
In an e-mail to StreetInsider.com, Bristol-Myers Squibb (NYSE: BMY) confirmed that ISS recommended voting in favor of the Celgene (NASDAQ: CELG) deal.
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.
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