FTC Approves Modifications to Bristol Meyers Squibb Divestiture Agreement

FTC Approves Modifications to Bristol Meyers Squibb Divestiture Agreement The Federal Trade Commission has approved certain modifications to Bristol Meyers Squibb's, or BMS's, Divestiture Agreements that the FTC approved and incorporated into its order as part of a consent that was required when BMS acquired Celgene in 2019. The modifications relate to certain confidential provisions of the Divestiture Agreements and are necessary to ensure that Amgen, Inc. (Amgen) continues as a viable competitor with the Otezla product. This action is being taken pursuant to Commission Rule 2.41(f)(5)(ii) whereby the Commission waived formal approval and the public comment period of the proposed modifications. As a condition of BMS's acquisition of Celgene, the FTC required BMS to divest to Amgen the psoriasis treatment drug, Otezla. The $13.4 billion divestiture settled FTC charges that BMS's proposed $74 billion acquisition of Celgene would violate federal antitrust law. The Commission initially voted 3-2 to approve the final order in November 2019. The Commission's initial vote to issue the complaint and accept the proposed consent order was 3-2, with Commissioners Rohit Chopra  and Rebecca Kelly Slaughter issuing dissenting statements, and Commissioners Noah Joshua Phillips and Christine S. Wilson issuing separate statements. The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about how competition benefits consumers or file an antitrust complaint.  For the latest news and resources, follow the FTC on social media, subscribe to press releases and read our blog. Contact Information Media Contact: Betsy Lordan Office of Public Affairs 202-326-3707 Staff Contact: Sebastian Lorigo Bureau of Competition 202-326-3717 Related Cases Bristol-Myers Squibb Company and Celgene Corporation, In the Matter of Related Actions Statement of Commissioner Noah Joshua Phillips In the Matter of Bristol-Myers Squibb Company and Celgene Corporation Dissenting Statement of Commissioner Rohit Chopra In the Matter of Bristol-Myers Squibb Company and Celgene Corporation Dissenting Statement of Commissioner Rebecca Kelly Slaughter In the Matter of Bristol-Myers Squibb Company and Celgene Corporation Statement of Commissioner Christine S. Wilson In the Matter of Bristol-Myers Squibb Company and Celgene Corporation Media Resources Merger Review More news from the FTC >>    SUBSCRIBER SERVICES:  Manage Preferences  |  Unsubscribe  |  Help This is a free service provided by the Federal Trade Commission.

 

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