Antitrust law

Bristol-Myers to divest $1.6 billion drug to clear antitrust

A sign with the Bristol-Myers Squibb name and logo.
Bristol-Myers will divest a major Celgene drug. Photo: John Greim/LightRocket via Getty Images

As a condition of Federal Trade Commission approval for its takeover of Celgene, Bristol-Myers Squibb plans to sell off Otezla, a psoriasis drug made by Celgene that generated $1.6 billion of worldwide revenue in 2018.

Why it matters: The FTC seems worried Bristol-Myers would hold too much power in the psoriasis market; it has a psoriasis drug in development and sells Orencia, which treats psoriatic arthritis. The Otezla divestiture would significantly cut the value of the Celgene deal, and sent Bristol-Myers' stock down 7%.

2019's Supreme Court cases to watch

Gerrymandering activists outside the U.S. Supreme Court.
Gerrymandering activists outside the U.S. Supreme Court. Aurora Samperio/NurPhoto via Getty Images

The Supreme Court, now with a solid conservative majority after last year's appointment of Justice Brett Kavanaugh, has several cases on its docket this term that could have significant ramifications on American politics and social issues for generations to come.

The big picture: The high court — with 5 conservatives and 4 liberals — has largely kept a relatively low profile so far this term, which ends in June. But it could ultimately hand major wins to Republicans, who are emboldened by Kavanaugh's appointment and sharpening their focus while a slew of hot-button disputes work their way up from lower courts.