Moody's reviewing Bristol Myers for downgrade after Celgene acquisition
- Moody's Investors Service ("Moody's") placed the ratings of Bristol-Myers Squibb Company ("Bristol") under review for downgrade, including the A2 senior unsecured long-term rating and the Prime-1 commercial paper rating.
This rating action follows the announcement that Bristol will acquire Celgene Corporation ("Celgene") in a transaction valued at approximately $74 billion plus debt and contingent value rights.
The acquisition is subject to regulatory reviews and shareholder approvals and is expected to close in the third quarter of 2019.