Bristol-Myers Squibb Company completed the acquisition of Celgene Corporation, a biotechnology company, for an equity value of approximately $74bn. Under the terms of the agreement, Celgene shareholders received 1.0 Bristol-Myers Squibb share and $50 in cash for each share of Celgene. Celgene shareholders also receive one tradeable Contingent Value Right for each share of Celgene, which entitles the holder to receive a payment for the achievement of future regulatory milestones. Bristol-Myers Squibb divested itself of Otezla, a psoriasis treatment owned by Celgene to win approval from regulators and help smooth the path for the companies merger. FTC conditionally approved the acquisition.