BMS, Celgene Resolve FTC Antitrust Charge
Bristol-Myers Squibb and Celgene say they will divest Celgene’s psoriasis drug Otezla to Amgen for $13.4 million to settle Federal Trade Commission (FTC) charges that Bristol-Myers Squibb’s proposed $74 billion acquisition of Celgene would violate federal antitrust law. The commission has said that, as proposed, the acquisition of Celgene would harm consumers in the U.S. market for treatments taken orally for moderate-to-severe psoriasis. It notes that BMS has a pipeline product under development that is considered the most advanced oral treatment for moderate-to-severe psoriasis. According to the FTC complaint, the BMS pipeline product will likely be the next entrant into the market and would compete directly with Otezla.
“The commission has ordered BMS to divest Otezla to preserve BMS’ incentive to continue developing its own oral product for treating moderate-to-severe psoriasis,” FTC chairman Joseph Simons says. “The antitrust laws protect not only competition today, but competition in the future, especially when it comes to the development of new treatments for chronic conditions.”