Bristol-Myers to buy Celgene in $74B deal

Pharmaceutical company Bristol-Myers Squibb agreed to buy cancer drugmaker Celgene in a cash-and-stock deal valued at $74 billion.

“Together with Celgene, we are creating an innovative biopharma leader, with leading franchises and a deep and broad pipeline that will drive sustainable growth and deliver new options for patients across a range of serious diseases,” Bristol-Myers Squibb Chairman and CEO Giovanni Caforio said in a news release.

Celgene shareholders are slated to receive a Bristol-Myers share and $50 in cash for each share held in Celgene.

Read more from CNBC.