August 26, 2019 / 10:44 AM / 3 months ago

Amgen to buy Celgene's psoriasis drug Otezla for $13.4 bln in cash

Aug 26 (Reuters) - Amgen Inc said on Monday it would buy Celgene Corp’s psoriasis drug Otezla for $13.4 billion in cash, clearing the way for Bristol-Myers Squibb to go ahead with its $74 billion deal for Celgene.

The deal for Otezla and certain related assets and liabilities is valued at $11.2 billion, net of the present value of $2.2 billion in future cash tax benefits.

Bristol-Myers Squibb Co in June offered to sell Otezla to allay concerns raised by U.S. antitrust regulators, and pushed back the closing of their $74 billion deal. (Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur)

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