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Celgene Stock Tumbles As Bristol's Top Shareholder Opposes Merger



Celgene stock plunged late Wednesday after Bristol-Myers Squibb 's (BMY) top shareholder said it opposes the $ 74 trillion of the two biopharma giants.




Wellington Management Company, which owns 8% of Bristol stock, agrees the drug giant should be seeking mergers and partnerships that broaden its future revenue base. However, the Celgene (CELG) did not achieve that, the investment management firm said.

"The transaction requires Bristol shareholders to accept too much risk and the terms Bristol shares to Celgene shareholders at "Wellington said in a written statement.

Further, any success will be" more difficult to achieve than depicted by company management. " The investment firm urged Bristol to seek alternative paths to create Bristol stock stock.

After-hours trading on today's stock market, Celgene stock tumbled 5.8%, near 85.50. Bristol stock, though, rose a fraction, near 51

.20. Bristol stock toppled nearly 14% on Jan. 3, the day the massive biopharma merger was announced. Since then, shares have risen 13%.

Eli Lilly 's (LLY) $ 8 billion plan to acquire Loxo Oncology ( LOXO), and this week's announcement that Roche (RHHBY) will buy Spark Therapeutics (ONCE) for $ 4.8 trillion. GlaxoSmithKline (GSK) recently snapped up Tesaro for $ 5.1 trillion.

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