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FTC Seeks Additional Information On Bristol-Myers - Celgene Merger

Bristol-Myers Squibb Co.(BMY) disclosed in Tuesday regularly fling that On March 25, 2019, Bristol-Myers Squibb and Celgene each received a request for additional information and documentary materials from the FTC in connection with the FTC's review of the Merger. The companies understand that the FTC's review is focused on marketed and pipeline products for the treatment of psoriasis.

Both parties will continue to work cooperatively with the FTC to show that the Merger will not harm competition and that the FTC should conclude its investigation. The effect of the Second Request is to extend the waiting period imposed by the HSR Act until 30 days after Bristol-Myers Squibb and Celgene have substantially complied with the Second Request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.

Both the companies continue to expect that the Merger will be consummated in the third quarter of 2019. Completion of the Merger remains subject to the expiration or termination of the waiting period under the HSR Act and the satisfaction or waiver of the other closing conditions specified in the Merger Agreement.

In January 2019, Bristol-Myers Squibb said it would acquire Celgene in a cash and stock transaction with an equity value of approximately $74 billion.

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