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Celgene, Bristol-Myers set $2.2 billion termination fee for their mega deal


(Reuters) - Celgene Corp and Bristol-Myers Squibb Co will have to pay $2.2 billion if either of the drugmakers walks away from their $74 billion merger announced on Thursday, according to a regulatory filing.The deal, which is worth $95 billion including Celgene's debt, is the largest pharmaceutical deal ever and brings together two of the world's largest cancer drug businesses. Celgene's top executives, including its chief executive officer and chief financial officer, are entitled to severance benefits if they resigned with good reason or are terminated without cause within two years of the ...

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First Published: Fri, January 04 2019. 19:54 IST