Bristol-Myers Squibb Stock Is Too Cheap to Ignore
Bristol-Myers Squibb's (NYSE: BMY) decision to acquire Celgene in a cash and stock transaction valued at $74 billion wasn't particularly well-received. For instance, one of the company's largest institutional shareholders -- Wellington Management -- came out in opposition of the deal on the grounds that it put unnecessary risk on Bristol-Myers' shareholders. Also, the U.S. Federal Trade Commission (FTC) expressed antitrust concerns after the acquisition was announced. Bristol-Myers sold Celgene's psoriasis drug Otezla to Amgen (NASDAQ: AMGN) for $13.4 billion in cash to appease government regulators.
Despite all of these challenges, Bristol-Myers officially closed its acquisition of Celgene on Nov. 20, 2019. And in its first earnings release since then, the pharma company showed just why it spent a fortune on this blockbuster deal.
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Source Fool.com
