Celgene: Timing The Switch To Bristol-Myers [Seeking Alpha]
International Business Machines Corporation (IBM)
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Source: Seeking Alpha
Celgene: Timing The Switch To Bristol-Myers As the Celgene CELG Bristol-Myers Squibb BMY long-term value Image Source: Celgene website Key Points The deal has several key points. First, Celgene shareholders will get nearly 50% of the deal in cash. Second, Celgene shareholders get a tradable continent value right or CVR worth up to $9 based on the future approval of three drugs. Third, the deal provides substantial EPS upside for the new Bristol-Myers after the transaction closes due to the use of accretive debt and substantial synergies. Bristol-Myers agreed to pay a listed transaction value of $102.43 per Celgene share and one CVR valued at up to $9. The total deal value was potentially $111.43, assuming the approval of three drugs for the CVR to pay. The deal is broken out to 1.0 share of Bristol-Myers and $50.00 in cash for each Celgene share. At an updated Bristol-Myers price of $46.25, the current deal value on closing the merger is $96.25 plus the CVR. Due to the decision for Ce
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