Jim Cramer breaks down Amgen's
(AMGN) - Get Report deal to buy Otezla's rights from Celgene
(CELG) - Get Report .
Real Money Stock of the Day Amgen announced Monday morning that it was acquiring the rights to Celgene's oral psoriasis treatment Otezla for $13.4 billion in cash.
"The acquisition of Otezla offers a unique opportunity for Amgen to provide patients an innovative oral therapy for psoriasis and psoriatic arthritis that fits squarely within our portfolio and complements our Enbrel and AMGEVITA brands," Amgen CEO Robert Bradway said in a statement.
Jim Cramer breaks down what the deal means for Amgen and Bristol-Myers
(BMY) - Get Report pending merger with Celgene.
"So suddenly they get Otezla. I don't care if they paid $9 billion or $12 billion or $14 billion, I don't care. And they paid $11.2 billion, plus the present value of the stream at a total of $13 billion and change," said Cramer.
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