CELG Profile
Celgene
Corporation (CELG) was an American biotechnology company that focused
on the discovery, development, and commercialization of therapies for
the treatment of cancer and inflammatory diseases.
In November
2019, Bristol-Myers Squibb completed its acquisition of Celgene, and
Celgene is now a wholly owned subsidiary of Bristol-Myers Squibb. The
acquisition significantly expands Bristol-Myers Squibb's oncology
portfolio and pipeline.
As of February 25, 2023, the market
capitalization of Bristol-Myers Squibb, which includes Celgene as a
subsidiary, is approximately $164.7 billion.
Before the
acquisition, Celgene had a number of successful products on the
market, including Revlimid for multiple myeloma and other blood
cancers, and Otezla for psoriasis and psoriatic arthritis. Celgene
also had a strong pipeline of potential therapies in development,
including treatments for blood disorders, solid tumors, and immune
disorders.
Celgene was founded in 1986 and was headquartered in
Summit, New Jersey. It employed over 8,000 people worldwide and had
operations in more than 60 countries. The company was known for its
strong commitment to research and development, investing heavily in
discovering and developing new therapies. While Celgene faced some
challenges, including patent expirations and regulatory hurdles, its
strong portfolio of products and robust pipeline made it an attractive
acquisition target for Bristol-Myers Squibb.
Overall, Celgene
was a leading biotechnology company with a strong focus on developing
therapies to address significant unmet medical needs. Its acquisition
by Bristol-Myers Squibb has further strengthened Bristol-Myers
Squibb's position as a major player in the global pharmaceutical
industry.
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