Bristol-Myers Squibb and Celgene are two leading sellers of cancer drugs, with a combined product line of nine offerings that is worth more than $1 billion each in annual sales. The companies also revealed that their combined lineup includes six expected near-term product launches worth over $15 billion in potential revenue.
“We will also benefit from an expanded early- and late-stage pipeline that includes six expected near-term product launches,” Caforio said in a statement.
According to a conference call with analysts, company executives described the assets as “complementary” and with the potential to create “the preeminent global bio-pharmaceutical company,” Phys reports.
Some in the industry believe that this year could be marked by more deals in the pharmaceutical and biotechnology sector after the recent market pullback made purchases more palatable.
“With small/midsized cap valuations having ‘normalized’ and large biopharma now better positioned to execute (mergers and acquisitions), we do expect to finally see meaningful pickup in acquisitions many predicted for years,” RBC analysts wrote in a note last month.
For more information on the biotech sector, visit our biotechnology category.