Celgene Corporation earlier filed a complaint against Biocon over potential patent infringement by a potential generic drug created by Biocon.
Celgene shareholders will receive one Bristol-Myers Squibb share and $50 in cash for each share held, or $102.43 per share, a premium of 53.7 percent to Celgene's closing on January 2.
Biotechnology major Biocon reported 19.8 percent rise in revenue to Rs 796.2 crore year-on-year and margins grew to 25.2 percent from 21.2 percent in the second quarter of FY17. The company‘s standalones sale grew 17 percent in Q2.
Glenmark Pharmaceuticals today said it has entered into an agreement with US-based Particle Sciences Inc to develop and market a generic version of Celgene's ABRAXANE which is used in treatments of breast and lung cancers.