UPDATE 6-Starboard joins opposition to Bristol-Myers' $74 bln Celgene deal [Reuters (UK)]
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Source: Reuters
Starboard joins opposition to Bristol-Myers' $74 billion Celgene deal | Reuters 5 Min Read (Reuters) - Activist hedge fund Starboard Value LP followed Bristol-Myers Squibb Co’s second-largest investor, Wellington Management, in opposing the drugmaker’s $74 billion purchase of biotech Celgene Corp on Thursday, sowing further doubt on what would be the largest pharmaceutical takeover ever. The shareholder unrest raises the stakes for Bristol-Myers and Chief Executive Giovanni Caforio, who is turning to dealmaking to revive the New York-based company’s fortunes after its most important growth driver, the cancer immunotherapy Opdivo, fell behind Merck & Co rival Keytruda in overall sales and the most lucrative lung cancer arena. Bristol-Myers shareholders will get to vote on the Celgene acquisition on April 12. Wellington’s and Starboard’s statements kick off a race between proponents and opponents of the deal to win over a majority of Bristol-Myers shareholders. Starboard reported on Thu
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