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Bio-pharma merger to create global drugs giant

The United States-based pharmaceutical company Bristol-Myers Squibb has announced it is buying rival US company Celgene in one of the biggest deals in the research-intensive area.

The deal is worth about $74 billion (€65 bn), BMS announced on 3 January. The resulting company will continue to invest in innovation as it seeks to deliver ongoing cost savings of about $2.5bn by 2022, it said.

“The transaction will create a leading focused specialty biopharma company well positioned to address the needs of patients with cancer, inflammatory and immunologic disease and cardiovascular disease,” the company said in a press release.

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