Celgene Holding On To Strong Gain After Initial Jump

(RTTNews) - Shares of Celgene Corp. (CELG) have pulled back off their highs of the session but continue to see significant strength in late-day trading on Thursday. After reaching a nearly three-month intraday high, Celgene is currently up by 23.1 percent.

Celgene gapped open sharply higher after the biopharmaceutical company agreed to be acquired by drug giant Bristol-Myers Squibb (BMY) in a cash and stock transaction with an equity value of approximately $74 billion.

Under the terms of the agreement, Celgene shareholders will receive 1.0 Bristol-Myers Squibb share and $50.00 in cash for each share of Celgene.