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Bristol-Myers Squibb is buying Celgene. Photo: John Greim/LightRocket via Getty Images

Bristol-Myers Squibb is acquiring Celgene in a stock-and-cash deal worth $74 billion, creating a pharmaceutical giant with roughly $37 billion in annual drug sales.

Why it matters: This is one of the largest drug company buyouts ever, combining two firms that are making a lot of money. However, Celgene has struggled to evolve over the past few years as its top product, the blood cancer drug Revlimid, loses patent protection — which has spurred a sell-off in Bristol-Myers' stock.

The details: Celgene's investors will receive one share of Bristol-Myers' stock and $50 for every share of Celgene they own, and they could earn extra cash if three Celgene drugs obtain federal approval by certain dates.

  • Several Celgene executives would get a huge payday if both companies approve the deal. That includes former Celgene CEO and failed Senate candidate Bob Hugin, who would immediately cash out $185 million and hold an additional 3.7 million shares of Bristol-Myers.
  • Both firms expect to cut $2.5 billion in costs by 2022, and a lot of those likely will come from laying off Celgene's scientists and other staff.

The big picture: Bristol-Myers and Celgene are still highly profitable companies within the health care industry, and the deal would turn Bristol-Myers into one of the largest cancer drug companies in the world.

My thought bubble: It's also a remarkably generous deal for Celgene. The company is heavily dependent on Revlimid, a high-priced drug that makes up two-thirds of its revenue and faces cheaper alternatives in the next few years. Regulators also have criticized Celgene for delaying generic competition. Bristol-Meyers is essentially banking on the success of Celgene's newly acquired drugs, like the cancer ones made by Juno Therapeutics.

Go deeper

Updated 1 hour ago - Politics & Policy

Facebook paying up to $14M to settle employment discrimination claims

Photo: T.J. Kirkpatrick/Bloomberg via Getty Images

Facebook has agreed to pay up to $14.25 million to settle allegations that it discriminated against American workers by reserving positions for temporary visa holders, the Justice Department announced on Tuesday.

Why it matters: The settlement represents the largest civil penalty and monetary award that the Civil Rights Division has recovered in the 35-year history of the Immigration and Nationality Act's anti-discrimination provision.

Updated 3 hours ago - World

Mapping repression in China's Xinjiang region

Data: © Mapbox, © OpenStreetMap; Map: Will Chase/Axios

A sweeping new report released today by an Australian research organization reveals new details about how the Chinese Communist Party — and specifically who within the party — is carrying out its campaign of repression in Xinjiang.

Why it matters: Uncovering the actual offices and individuals implementing the Chinese government's genocide and forced labor policies in Xinjiang can bring accountability and help international companies delink supply chains in compliance with U.S. and EU forced labor laws.

Report: U.S. Latinos near 50% homeownership rate

Real estate broker Alex Betances sits in front of a home in Reading, Pa. Photo: Ryan McFadden/MediaNews Group/Reading Eagle via Getty Image

Latinos increased their homeownership rate to nearly 50% in 2020, according to a report from a group monitoring U.S. Hispanic wealth creation.

Why it matters: The Hispanic Wealth Project found that the homeownership rate grew despite the lack of diversified financial assets among Latinos and around 15% who still live below the federal poverty line ($26,500 for a family of four).

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