Celgene will unload the psoriasis treatment Otezla for $13.4 billion to help make its acquisition by fellow drugmaker Bristol-Myers pass regulatory muster.
The company plans to sell Otezla to Amgen Inc., and Bristol-Myers said Monday that it now expects the Celgene deal to close by the end of the year.
Bristol-Myers said in January that it would spend $74 billion on Celgene in a deal aimed at stocking the combined company's development pipeline with treatments for cancer, immunology and cardiovascular issues. The companies then announced in June that they wanted to sell Otezla as part of a push to win regulatory approval.
Otezla brought in $448 million in worldwide sales for Celgene Corp. last year.
Shares of New York-based Bristol-Myers Squibb Co. jumped 5% to $49.16 before the opening bell.