By Colin Kellaher

Amgen Inc. (AMGN) on Monday said it agreed to buy the psoriasis treatment Otezla from Celgene Corp. (CELG) for $13.4 billion in cash in a deal that will pave the way for Bristol-Myers Squibb Co. (BMY) to complete its acquisition of Celgene.

Amgen said the deal is worth about $11.2 billion, net of the present value of $2.2 billion in anticipated future cash tax benefits.

Bristol-Myers and Celgene previously agreed to shed Otezla to satisfy regulatory concerns over their union. Bristol-Myers said it expects to complete the acquisition of Celgene by the end of the year.

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

(END) Dow Jones Newswires

August 26, 2019 06:59 ET (10:59 GMT)

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