BRISTOL-MYERS TO DIVEST $1.6 BILLION DRUG TO CLEAR ANTITRUST

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As part of the Federal Trade Commission’s approval for the takeover of Celgene, Bristol-Myers Squibb is planning to sell Otezla, a psoriasis drug made by Celgene that brought in some $1.6 billion USD in revenue worldwide in 2018.

Why this matters: The FTC’s main contention is that BMS would yield too much power in the psoriasis market. Bristol-Myers already has a psoriasis drug on the market, Orencia and has another in development. The divestiture puts a significant dent in the Celgene deal.