NEW YORK CITY, NJ - Celgene Corporation, the global biotechnology company based in Summit that discovers, develops and commercializes medicines for cancer and inflammatory disorders, is set to be acquired by Bristol-Myers Squibb in a cash and stock deal valued at approximately $74 billion.

The transaction is subject to approval by Bristol-Myers Squibb and Celgene shareholders and the satisfaction of customary closing conditions and regulatory approvals. Bristol-Myers Squibb and Celgene expect to complete the transaction in the third quarter of 2019.

Celgene is the Hilltop City's second-largest employer, with more than 2,500 people total employed at its Summit Headquarters, located at 86 Morris Avenue, and at its 'Summit West' campus at 556 Morris Avenue.

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Under the terms of the agreement, Celgene shareholders will receive 1.0 Bristol-Myers Squibb share and $50 in cash for each share of Celgene. Celgene shareholders will also receive one tradeable Contingent Value Right (CVR) for each share of Celgene, which will entitle the holder to receive a payment for the achievement of future regulatory milestones. The Boards of Directors of both companies have approved the combination.

In a press release jointly issued by the companies, Giovanni Caforio, M.D., Chairman and Chief Executive Officer of Bristol- Myers Squibb, said. “As a combined entity, we will enhance our leadership positions across our portfolio, including in cancer and immunology and inflammation. We will also benefit from an expanded early- and late-stage pipeline that includes six expected near-term product launches. Together, our pipeline holds significant promise for patients, allowing us to accelerate new options through a broader range of cutting-edge technologies and discovery platforms.”

When contacted by TAPinto Summit, Celgene representatives stated they were "not able to comment beyond the current press release" as to what impact, if any, the acquisition would have to the current Celgene corporate footprint and-or employment base in Summit.