By Colin Kellaher

Shares of Celgene Corp. (CELG) fell more than 9% Thursday amid growing investor opposition to Bristol-Myers Squibb Co.'s (BMY) planned $74 billion takeover of the biopharmaceutical company.

Activist investor Starboard Value LP, which earlier this month moved to install its own slate of directors at Bristol, Thursday released a letter to shareholders detailing its opposition to the deal, which it said is "poorly conceived and ill-advised."

Wellington Management Co., an investment firm that has a roughly 8% Bristol stake, on Wednesday said it, too, opposes the deal.

Shares of Celgene fell 9.2% to $82.60 in Thursday morning trading. The Bristol deal valued Celgene at $102.43 a share when it was unveiled in early January.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

February 28, 2019 10:41 ET (15:41 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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