Photo: ShutterstockKirkland & Ellis, Wachtell Advise on Bristol-Myers Squibb's $74B Celgene Acquisition
The deal, if approved, would rank among the biggest mergers in the biopharma industry.
January 03, 2019 at 04:16 PM
2 minute read
Kirkland & Ellis and Wachtell, Lipton, Rosen & Katz are advising on the proposed $74 billion acquisition by pharmaceutical giant Bristol-Myers Squibb of New Jersey-based biotechnology firm Celgene Corp.
The deal, which would unite the resources of two of the world's pioneers in the treatment of cancer, cardiovascular disease and other maladies, is expected to close in the third quarter of 2019, subject to antitrust and regulatory approval.
Kirkland is advising Bristol-Myers Squibb on the deal, while Wachtell acts as counsel to Celgene.
The Kirkland team includes corporate partners David Fox, Daniel Wolf, Jonathan Davis and Ryan Brissette, debt finance partners Linda Myers and Jessica Woolf, capital markets partner Sophia Hudson, intellectual property partner Lisa Samenfeld, antitrust partners Matthew Reilly and Paula Riedel, tax partners Dean Shulman and Sara Zablotney, and executive compensation partner Scott Price.
Wachtell's team includes corporate partners Steven Cohen, David Lam and Edward Lee, restructuring and finance partners Michael Benn and John Sobolewski, executive compensation and benefits partner Andrea Wahlquist, antitrust partner Nelson Fitts, and tax partner Joshua Holmes.
A large in-house Bristol-Myers Squibb legal team also worked on the matter.
“Based on the closing price of Bristol-Myers Squibb stock on January 2, 2019, the cash and stock consideration to be received by Celgene shareholders is valued at $102.43 per share,” Bristol-Myers Squibb said in a statement. “When completed, Bristol-Myers Squibb shareholders are expected to own approximately 69 percent of the company, and Celgene shareholders are expected to own approximately 31 percent.”
If the deal is approved, it would rank as one of the biggest mergers in the biopharma space, exceeding Sanofi's $73.5 billion acquisition of Aventis in 2008 and coming up just short of Glaxo Wellcome's $76 billion merger with SmithKline Beecham in 2000. However, it would fall well behind Pfizer's $111.8 billion acquisition of Warner-Lambert in 2000.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Davis Polk Lands Spirit Chapter 11 Amid Bankruptcy Resurgence
What Practices Are Driving Law Firms’ ‘Remarkable’ Performance in 2024?
4 minute read
Trending Stories
- 1Judicial Ethics Opinion 24-61
- 2Decision of the Day: School District's Probe Was a 'Sham'; Title IX Administrator Showed Sex-Based Bias
- 3US Magistrate Judge Embry Kidd Confirmed to 11th Circuit
- 4Shaq Signs $11 Million Settlement to Resolve Astrals Investor Claims
- 5McCormick Consolidates Two Tesla Chancery Cases
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
