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Retirement Plans

Bristol-Myers, Celgene deal would combine about $10.3 billion in retirement plan assets

Bristol-Myers Squibb Co., New York, announced it has entered into an agreement to acquire Summit, N.J.-based pharmaceutical company Celgene Corp., creating a company with about $10.3 billion in retirement plan assets.

The deal, a cash-and-stock transaction that will total about $74 billion, is expected to close in the third quarter of 2019. The combined company will retain the Bristol-Myers Squibb Co. name, spokeswoman Laura Hortas said in an email.

As of Dec. 31, 2017, Bristol Myers-Squibb reported in its most recent 10-K filing a total of $6.8 billion in global pension plan assets and in its three most recent 11-K filings reported a total of $6.2 billion in 401(k) plan assets. On Feb. 1, however, the company plans a full termination of its $3.8 billion U.S. pension plan. The company will transfer a portion of its liabilities through lump sums to participants in July; a group annuity contract purchased from Athene Annuity and Life Co. will transfer the remainder of liabilities in August.

As of Dec. 31, 2017, the Celgene Corp. 401(k) Plan had $1.1 billion in assets, according to the company's most recent Form 5500 filing. The company does not sponsor a defined benefit plan.

Ms. Hortas would not comment on Celgene's 401(k) plan asset integration, noting the acquisition is not expected to close until the third quarter.