Bristol-Myers Squibb is meeting with shareholders in Boston and New York as its $74 billion purchase of drugmaker Celgene is at risk of being derailed.
Bristol-Myers Squibb has been meeting with shareholders in Boston and New York over the last two weeks to try to salvage its $74 billion purchase of cancer drugmaker Celgene, the biggest acquisition announced so far this year.
Brian Skorney, senior research analyst at Robert W. Baird & Co, said it's unusual for an investment firm like Wellington, which has some gravitas with shareholders, to come out against such a deal. Brad Loncar, CEO of Loncar Investments, said there was a feeling among investors that Bristol's management and stock performance aren't strong enough to execute a deal as big as Celgene. Bristol's shares have slid 21 percent over the last 12 months. Shares of Merck, which he said has managed to"outclass" Bristol, have soared almost 50 percent in the same period.
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