After Its Celgene Acquisition, Bristol-Myers Squibb's Future Looks Bright

Bristol-Myers Squibb's (NYSE: BMY) acquisition of the biopharmaceutical company Celgene -- one of the most expensive acquisitions in the history of the pharmaceutical industry -- didn't exactly go smoothly. First, the cash and stock transaction valued at $74 billion encountered some opposition from unhappy Bristol-Myers shareholders. In particular, the company's largest institutional shareholder -- Wellington Management -- expressed its discontent with the transaction. Wellington Management argued that although Bristol-Myers should be "active in business development," the acquisition of Celgene put added (and unnecessary) risk on Bristol-Myers' investors.