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Baker Botts’ Top-Ranked Antitrust Group Represents Celgene Corporation in $13.4 Billion Divestiture of Otezla® Business as Part of Celgene’s Merger 

Release

WASHINGTON, D.C., August 26, 2019 – Baker Botts LLP, an international law firm, today announced that it is representing Celgene Corporation for FTC clearance in its planned merger with Bristol-Myers Squibb Company (“BMS”), including the parties’ proposed divestiture of Celgene’s Otezla OTEZLA® (apremilast) business to facilitate a timely closing of the BMS-Celgene merger. The two companies today announced that Celgene and Amgen Inc. entered into an asset purchase agreement, pursuant to which Celgene agreed to sell to Amgen its OTEZLA® (apremilast) product line and related assets for a cash purchase price of $13.4 billion. The press release about the divestiture can be found here.

The Baker Botts team, which is working closely on the matter with a team at Wachtell Lipton, is led by partner Stephen Weissman and associate Steve Pet. Both are located in the Washington, D.C. office. Mr. Weissman previously served as Deputy Director for the FTC’s Bureau of Competition (2013-2015), where he had oversight over the antitrust agency’s pharmaceutical industry investigations.

 

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