Bristol-Myers Squibb Company
Acquisitions
8
Major Deals Covered
$118.0B
Disclosed Deal Value
Bristol-Myers Squibb's largest disclosed acquisition here is Celgene for $74B in 2019. This page covers 8 major deals from 2009 to 2025, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Medarex | 2009 | $2.4B | BMS bought Medarex, its partner on the CTLA-4 antibody ipilimumab, to gain full control of Medarex's human antibody programs, including its share of nivolumab, developed with Ono Pharmaceutical. |
| Celgene | 2019 | $74.0B | BMS paid about $74 billion in cash and stock ($95 billion including debt) for Celgene to add Revlimid, Pomalyst and a pipeline including Reblozyl, Zeposia and CAR-T therapies. Celgene sold Otezla to Amgen for $13.4 billion to win antitrust approval. |
| MyoKardia | 2020 | $13.1B | BMS paid $225 per share in cash for MyoKardia to gain mavacamten, a cardiac myosin inhibitor for obstructive hypertrophic cardiomyopathy, plus earlier heart drugs. |
| Turning Point Therapeutics | 2022 | $4.1B | BMS bought Turning Point for $76 per share in cash to add repotrectinib, a targeted therapy for ROS1-positive lung cancer. |
| Mirati Therapeutics | 2024 | $4.8B | BMS paid $4.8 billion in cash, plus a contingent value right worth up to $1 billion, for Mirati and its approved KRAS G12C inhibitor Krazati (adagrasib). The deal was agreed in October 2023 and closed in January 2024. |
| RayzeBio | 2024 | $4.1B | BMS paid $62.50 per share in cash for RayzeBio, a developer of actinium-225 radiopharmaceuticals whose lead program, RYZ101, targets SSTR2-positive neuroendocrine tumors. The deal closed in February 2024. |
| Karuna Therapeutics | 2024 | $14.0B | BMS paid $330 per share in cash for Karuna to gain KarXT (xanomeline and trospium), a muscarinic schizophrenia drug. The deal was agreed in December 2023 and closed in March 2024. |
| Orbital Therapeutics | 2025 | $1.5B | BMS agreed in October 2025 to pay $1.5 billion in cash for privately held Orbital Therapeutics, which designs RNA medicines including an in vivo CAR-T therapy for autoimmune disease. |
2025
$1.5B
BMS agreed in October 2025 to pay $1.5 billion in cash for privately held Orbital Therapeutics, which designs RNA medicines including an in vivo CAR-T therapy for autoimmune disease.
It extends BMS's cell therapy work beyond cancer and toward treatments made inside the patient's body.
Orbital's lead program was expected to start clinical testing in 2026.
2024
$4.8B
BMS paid $4.8 billion in cash, plus a contingent value right worth up to $1 billion, for Mirati and its approved KRAS G12C inhibitor Krazati (adagrasib). The deal was agreed in October 2023 and closed in January 2024.
It added a marketed lung and colorectal cancer drug and earlier KRAS programs.
Krazati sold $205 million in 2025.
2024
$4.1B
BMS paid $62.50 per share in cash for RayzeBio, a developer of actinium-225 radiopharmaceuticals whose lead program, RYZ101, targets SSTR2-positive neuroendocrine tumors. The deal closed in February 2024.
It gave BMS a radiopharmaceutical pipeline and isotope manufacturing capacity.
RYZ101 remains in late-stage development.
2024
$14.0B
BMS paid $330 per share in cash for Karuna to gain KarXT (xanomeline and trospium), a muscarinic schizophrenia drug. The deal was agreed in December 2023 and closed in March 2024.
Its acquired in-process R&D charge drove BMS's $8.9 billion net loss in 2024.
KarXT was approved as Cobenfy on September 26, 2024 and sold $155 million in 2025; Alzheimer's psychosis readouts are expected from early 2027.
2022
$4.1B
BMS bought Turning Point for $76 per share in cash to add repotrectinib, a targeted therapy for ROS1-positive lung cancer.
It strengthened BMS's precision oncology portfolio ahead of the Revlimid patent cliff.
Repotrectinib was approved by the FDA as Augtyro in November 2023.
2020
$13.1B
BMS paid $225 per share in cash for MyoKardia to gain mavacamten, a cardiac myosin inhibitor for obstructive hypertrophic cardiomyopathy, plus earlier heart drugs.
The deal was booked as an asset acquisition, and its $11.4 billion in-process R&D charge pushed BMS to a 2020 net loss.
Mavacamten was approved as Camzyos in 2022 and sold $1.1 billion in 2025.
2019
$74.0B
BMS paid about $74 billion in cash and stock ($95 billion including debt) for Celgene to add Revlimid, Pomalyst and a pipeline including Reblozyl, Zeposia and CAR-T therapies. Celgene sold Otezla to Amgen for $13.4 billion to win antitrust approval.
Revenue rose from $26.1 billion in 2019 to $42.5 billion in 2020, making BMS a leader in blood cancers.
Revlimid peaked at $12.8 billion in 2021 and fell to $3.0 billion by 2025 after generics, while Celgene-originated Reblozyl, Breyanzi, Zeposia and Abecma sold about $4.7 billion in 2025.
2009
$2.4B
BMS bought Medarex, its partner on the CTLA-4 antibody ipilimumab, to gain full control of Medarex's human antibody programs, including its share of nivolumab, developed with Ono Pharmaceutical.
The deal brought in the two drugs behind BMS's immuno-oncology business.
Yervoy was approved in 2011 and Opdivo in 2014; together they sold $12.9 billion in 2025.
BMS is pursuing growth on three fronts. First, scaling the Growth Portfolio (Opdivo Qvantig, Reblozyl, Camzyos, Breyanzi, Opdualag, Cobenfy and others), which rose 17 percent to $26.4 billion in 2025 and 15 percent to $7.56 billion in the second quarter of 2026. Second, buying and licensing late-stage science: Mirati ($4.8 billion plus a contingent value right of up to $1 billion), RayzeBio ($4.1 billion) and Karuna ($14 billion) closed in early 2024; a June 2025 deal with BioNTech for the bispecific BNT327 carried $1.5 billion upfront and up to $11.1 billion in total; and Orbital Therapeutics was bought for $1.5 billion in October 2025 for in vivo CAR-T in autoimmune disease. Third, cost cuts: a $1.5 billion savings program announced in 2024 was extended in 2025 with a further $2 billion targeted by the end of 2027.
BMS discovers, licenses or buys drug candidates, takes them through clinical trials, and sells approved medicines under patent protection to wholesalers, specialty pharmacies and hospitals. Net product sales were $46.8 billion of the $48.2 billion total in 2025; alliance, royalty and other revenues made up the remaining $1.4 billion, including royalties from Merck on Winrevair. Eliquis is developed and sold with Pfizer, which shares its costs and profits. About 69 percent of 2025 revenue came from the United States, so U.S. pricing policy matters more to BMS than to most European rivals. Because every patent runs out, the model depends on replacing revenue: BMS paid $74 billion for Celgene in 2019, $13.1 billion for MyoKardia in 2020 and about $23 billion for Karuna, Mirati and RayzeBio in early 2024.
In November 2019, Bristol-Myers Squibb completed the $74 billion acquisition of Celgene Corporation ($95 billion enterprise value), adding blockbuster cancer therapies (Revlimid, Pomalyst), CAR-T cell therapies (Breyanzi, Abecma), and anemia treatment Reblozyl.
In November 2020, BMS acquired clinical-stage biopharmaceutical company MyoKardia for $13.1 billion in cash ($225.00 per share), securing Camzyos (mavacamten) for obstructive hypertrophic cardiomyopathy.
In March 2024, BMS completed the acquisition of Karuna Therapeutics for $14.0 billion in cash ($330.00 per share), adding Cobenfy (KarXT) for schizophrenia and neuropsychiatric disorders to establish a new neuroscience growth pillar.
In January 2024, BMS completed the acquisition of Mirati Therapeutics for $4.8 billion in cash ($58.00 per share, with contingent value rights worth up to $1.0 billion), securing commercial KRAS inhibitor Krazati (adagrasib) for lung cancer.
In February 2024, BMS acquired clinical-stage radiopharmaceutical leader RayzeBio, Inc. for $4.1 billion in cash ($62.50 per share), gaining actinium-based targeted alpha therapies for solid tumors and specialized radiomanufacturing facilities.
BMS bought Medarex in 2009 for about $2.4 billion, gaining full rights to ipilimumab (Yervoy) and Medarex's share of nivolumab (Opdivo). The two drugs sold a combined $12.9 billion in 2025.
BMS completed the $4.1 billion cash purchase of Turning Point Therapeutics ($76 per share) in August 2022, adding repotrectinib, approved by the FDA as Augtyro in November 2023 for ROS1-positive non-small cell lung cancer.
In June 2025 BMS agreed to co-develop BioNTech's PD-L1 x VEGF-A bispecific BNT327 for $1.5 billion upfront and up to $11.1 billion in total, and in October 2025 it agreed to buy Orbital Therapeutics for $1.5 billion in cash for in vivo CAR-T therapy in autoimmune disease.
In 2019, BMS executed one of the largest pharma deals in history, buying Celgene for a staggering $74 billion to immediately acquire its massive portfolio of cancer drugs, including Revlimid.
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