百时美施贵宝公司股东周五在一次投票中批准了该制药巨头以740亿美元收购癌症制药商Celgene。该交易预计将于今年第三季度完成，将成为“具有领先科学能力的首屈一指的创新生物制药公司”。

Although it was probably not in serious jeopardy, Bristol-Myers Squibb’s shareholders voted today to approve the acquisition of Celgene for about $74 billion.

虽然可能不会有严重的危险，但百时美施贵宝的股东今天投票批准以约740亿美元收购新基。

Bristol-Myers Squibb announced its bid to acquire Celgene on January 3, 2019. However, the deal hit a snag. One of its biggest shareholders, Wellington Management Company LLP, objected to the acquisition. Wellington owns about an 8 percent stake in Bristol-Myers. 

百时美施贵宝宣布将于2019年1月3日收购新基。然而，该交易陷入了困境。其最大的股东之一惠灵顿管理公司反对此次收购。惠灵顿拥有百时美约8%的股份。

Another BMS shareholder, Starboard Value, also opposed the deal. Starboard has about a 1-percent ownership share. Starboard, in an open letter, called it “poorly conceived and ill-advised.” Another group, Dodge & Cox, who opposed the deal, has a 2-percent stake.

百时美施贵宝的另一位股东Starboard Value 也反对这笔交易。Starboard 拥有约1%的股权。Starboard 在一封公开信中称其“构思不佳，建议不充分”。另一个反对该交易的组织道奇和考克斯持有2%的股份。

What followed was something of an information campaign on the part of Bristol-Myers Squibb and Celgene, making investors and shareholders aware of the rationale behind the deal and the advantages of the merged companies. They included:

随后，百时美施贵宝和新基展开了一场信息宣传运动，让投资者和股东意识到这笔交易背后的理由和合并后公司的优势。其中包括：

Growing a stronger commercial presence in the company’s key disease franchises led by “high performing commercial teams.”

Launching “exciting new medicines,” including six in the near future.

“Advance a significantly enhanced early-stage pipeline; and”

Integrate a range of research-and-discovery modalities that will “further strengthen our pipeline.”

在由“高绩效商业团队”领导的公司关键疾病特许经营商中，增强商业影响力。

推出“令人兴奋的新药”，包括在不久的将来推出的六种。

“推进显著增强的早期管道；以及”

整合一系列研究和发现模式，将“进一步加强我们的管道”。

Bristol-Myers also pointed out that it expects to have $45 billion in expected free cash flow generation during the three years after the deal closes. It plans to maintain strong investment grade credit ratings while continuing with its current dividend policy for both Bristol-Myers Squibb and Celgene shareholders. It also assured investors the company will have “significant financial flexibility” to take advantage and exploit its enhanced late- and early-stage pipeline.

百时美施贵宝还指出，预计在这笔交易完成后的三年内，将产生450亿美元的预期自由现金流。该公司计划维持强劲的投资级信用评级，同时继续为百时美施贵宝和新基股东执行当前的分红政策。它还向投资者保证，该公司将拥有“显著的财务灵活性”，以利用和利用其强化的后期和早期管道。

……

The deal is expected to close in the third quarter of this year.

这笔交易预计将在今年第三季度完成。

Likely the biggest challenge for the merged companies is the patent cliff for Celgene’s blockbuster Revlimid for multiple myeloma. The first generic is expected in March 2022. But Celgene has an interesting pipeline, with three drugs, fedratinib, ozanimod, and luspatercept, already submitted to the U.S. Food and Drug Administration (FDA). 

对于合并后的公司来说，最大的挑战可能是新基重磅炸弹 Revlimd 用于多发性骨髓瘤的专利悬崖。第一个仿制药预计将于2022年3月上市。但是新基有一个有趣的管道，有三种药物，fedratinib，ozanimod和lussercept，已经提交给FDA 。

If everything goes according to plan, fedratinib will be approved for myelofibrosis in September, and ozanimod will be approved for multiple sclerosis and luspatercept for myelodysplastic syndrome and beta thalassemia in early 2020. The company also has two CAR-T immuno-oncology compounds, bb2121 and liso-cel in late-stage trials.

如果一切都按计划进行， fedratinib 将于9月被批准用于骨髓纤维化， ozanimod 将于2020年初被批准用于多发性硬化症和骨髓增生异常综合征和地中海贫血。该公司还拥有两个 CAR-T 免疫肿瘤化合物， bb2121和 liso-cel 处于后期试验阶段。

（来源：汇众医疗的财富号 2019-04-15 17:37） [点击查看原文]