Bristol-Myers Squibb Co. is taking out a $33.5 billion loan to help finance its purchase of Celgene Corp. in the largest ever pharmaceutical-company acquisition.

The loan will contribute to the $74 billion cash-and-stock deal and be refinanced with $32 billion of new debt, according to filings on Thursday. It will rank as the seventh-largest bridge facility on record, according to data compiled by Bloomberg. Morgan Stanley and MUFG Bank Ltd. are underwriting the financing.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.