Bristol-Myers Squibb has started off the 2019 season of M&A with a huge proposal: buying the biotech Celgene in a $74B deal. If completed, it would be the largest pharma acquisition to date, blowing the previous-record holder—Takeda’s pending Shire acquisition for $62B—out of the water. Both companies are oncology giants, specifically in immunology and blood cancers, but BMS will be acquiring a decent amount of risk with the purchase. Celgene’s market cap has gone down $70B in the past 14 months partly due to poor financial forecasts for when the company’s top drug Revlimid loses patent protection. BMS likely hopes to make that up with six possible product launches in the next few years. Okay, enough numbers. To round out this New Jersey-focused blurb, here’s some New Jersey would-you-rathers.
If you somehow didn’t know that US midterm elections were last week… can you recommend the rock you’ve been sleeping under? I could use some rest. Here are some election stories InsightCity readers will find interesting: Healthcare was on voters’ minds more than any other issue, as shown by exit polls and money spent on advertising. Antivax PACs funded candidates to retaliate against politicians who push vaccination requirements in their districts. Former Celgene head Bob Hugin lost to incumbent Bob Menedez in the battle of the Bobs New Jersey’s senate race. Idaho, Nebraska, and Utah voters decided to expand Medicaid in their states, while Montana voters said ‘no, thanks.’ Michigan and Missouri waved a green flag for recreational and medical marijuana, respectively. Need more? You can find a more detailed healthcare-related election round-up here (just without InsightCity’s signature snark.)