Bristol Myers Squibb completes the acquisition of Xinji

November 21, 2019 / Meitong news agency / -- Bristol Myers Squibb Company (NYSE: BMY) today announced that the company has obtained the approval permission of all regulatory agencies required for the acquisition of new base, and has obtained the approval of shareholders of both parties on April 12, 2019 So far, Bristol Myers Squibb has successfully completed the acquisition of new base After the completion of the acquisition, Xinji became a wholly-owned subsidiary of Bristol Myers Squibb under the acquisition agreement According to the terms of the merger and acquisition, the shareholders of nski will obtain 1.00 shares of common stock of Bristol Myers Squibb and $50.00 of interest free cash, plus a tradable contingent value right (CVR) for each 1.00 shares they have already held; the contingent value right will enable the shareholders of nski to obtain $9.00 of cash when the acquisition plan successfully reaches the set registration milestone The trading of new base's common shares has ceased after the close of the trading day The newly issued Bristol Myers Squibb shares and contingent value rights (stock exchange code: bmyrt) will be traded on the New York Stock Exchange on November 21, 2019 "This is an exciting day for Bristol Myers Squibb We combine the advantages of Bristol Myers Squibb and Xinji in leading science, innovative drugs and excellent talents to build a leading biopharmaceutical enterprise in the world " Dr Giovanni caforio, President and CEO of Bristol Myers Squibb, said, "we are in the leading position in the fields of tumor, blood, immune and cardiovascular diseases, and have one of the richest and most promising product pipelines in the industry Therefore, I believe that we will realize our vision of changing patients' lives through science For our current employees and new colleagues who join the company, I am very excited about the opportunities we will have, and we will work together to bring innovative drugs to patients " Since the announcement of the transaction on January 3, 2019, a series of substantive business progress has been made, including the successful realization of the core value driving force set by the merger and acquisition transaction, including: the new progress of the patent rights of rimex ®; the approval of inrebic ® (fedratinib) by the U.S food and Drug Administration for the treatment of specific forms of bone marrow fibrosis patients; and the U.S Food and drug administration The Quality Supervision Administration approved reblozyl ® (luspatercept AAMT) for the treatment of adult patients with β thalassemia; completed the regulatory filing of luspatercept and ozanimod in the United States and Europe In addition, significant progress has been made in the planning of the company's successful integration For an overview of the consolidated company and milestones reached during the pending transaction, please visit As announced on August 26, 2019, in order to facilitate the regulatory approval of the transaction, Xinji and AMGN reached an agreement After the merger with Bristol Myers Squibb, Xinji will spin off the psoriasis drug otezla ® (apremilast) globally and sell it to Amgen for us $13.4 billion in cash On November 15, 2019, Bristol Myers Squibb announced that the Federal Trade Commission (FTC) of the United States accepted the consent order proposed by the company for its pending merger with Xinji and allowed both parties to complete the merger Bristol Myers Squibb expects the divestiture of otezla to be completed as soon as possible after the completion of the acquisition, and plans to prioritize this part of the profits for debt reduction Accelerate share buyback of Bristol Myers Squibb also announced that the company's board of directors has authorized the buyback of the company's common shares, with a buyback amount of $7 billion In line with this authorization, Bristol Myers Squibb has signed an accelerated share repurchase (ASR) agreement with Morgan Stanley and Barclays Bank to repurchase a total of US $7 billion of Bristol Myers common stock Bristol Myers Squibb will use cash as buyback funds Bristol Myers Squibb will receive 80% of the shares to be repurchased in the transaction on November 27, 2019 The total number of shares ultimately repurchased will be determined based on the final settlement and the discount of the volume weighted average price of Bristol Myers Squibb common shares during the accelerated share repurchase agreement period Bristol Myers Squibb expects all buyback transactions under the accelerated Share Buyback program to be completed in the second quarter of 2020 As previously announced by the board of directors, Michael Bonney, Dr Julia A Haller and Phyllis Yale will join the Bristol Myers Squibb board in order to cooperate with the completion of the transaction So far, the number of board members of the company has increased from 11 to 14 Prior to the closing of the transaction, Mr Bonney and Dr Haller continued to serve as directors of nski The three new directors have brought valuable skills and rich experience to the business development of Bristol Myers Squibb Morgan Stanley is the chief financial advisor of Bristol Myers Squibb, and evercore and dyal Co LLC are the financial advisors of the company Kirkland & Ellis LLP is a legal advisor to Bristol Myers Squibb JPMorgan is Xinji's chief financial advisor, and Citi is Xinji's financial advisor Wachtell, Lipton, Rosen & Katz are the legal advisers of Xinji About Bristol Myers Squibb, a global biopharmaceutical company with the mission of "developing and providing innovative drugs to help patients overcome serious diseases" 37