Pharmaceutical industry

Bristol-Myers shareholders greenlight takeover of Celgene

A manufacturing plant with the Bristol-Myers Squibb logo.
Bristol-Myers Squibb expects the Celgene deal to close later this year. Photo: Georges Gobet/AFP via Getty Images

Bristol-Myers Squibb received the go-ahead today from more than 75% of shareholders to complete its $74 billion acquisition of Celgene.

The big picture: Concerns from activist investors died down, after they previously said the deal was "ill-advised" due in large part to Celgene's main cancer drug losing patent protection in a few years. Bristol-Myers now expects to close the deal later this year, becoming an oncology-focused giant with more than $37 billion of annual drug sales.

4 pharma companies saved $7 billion from GOP tax law

Two people walking outside of a building with a Merck sign.
Photo: Kena Betancur/Getty Images

Four pharmaceutical companies — Johnson & Johnson, Pfizer, Merck and Abbott Laboratories — collectively kept $7 billion in tax savings in 2018 due to Republicans' 2017 corporate tax overhaul, according to a new Oxfam report.

The bottom line: Oxfam's results mirror our reporting, which shows pharmaceutical companies in particular have benefited from bringing back billions of dollars in overseas profits that have sat untaxed. However, this report says the tax savings have not led to other social goods, like more research investment in new drugs or lower drug prices.