| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Paydowns > Headlines for Altoona > News item |
Bristol-Myers Squibb to pay down debt with divestiture proceeds
By Marisa Wong
Los Angeles, Aug. 26 – Bristol-Myers Squibb Co. said it plans to reduce debt using proceeds from a previously announced divestiture.
In connection with its pending merger with Bristol-Myers Squibb, Celgene Corp. has entered into an agreement with Amgen to divest Otezla for $13.4 billion in cash, according to a press release.
Bristol-Myers Squibb said it plans to focus on deleveraging in the near term to maintain strong investment-grade credit ratings and less than 1.5x debt to EBITDA by 2023.
Bristol-Myers Squibb said it expects its merger with Celgene to close by the end of 2019.
The biopharmaceutical company is based in New York.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.