BetC+ OutC+
Bristol Myers Squibb → Celgene
A 53.7% premium for a telegraphed patent cliff, and a $9 contingent value right voided by a 36-day delay.
The Deal Desk
Was it a good deal?
Post-hoc retrospectives on landmark biopharma acquisitions, reconstructed entirely from free primary sources — SEC filings, Drugs@FDA, FTC records, court dockets. Each deal is graded twice: was the bet reasonable at the price, and did the outcome pay? The two answers are rarely the same, and the gap between them is the interesting part.
BetA OutA−
Gilead Sciences → Pharmasset
An 89% premium for a company with no marketed product — recouped inside year one, then the cure worked itself out of the market.
Grades are the author's judgment, defensible but arguable. Every figure is sourced to a primary document on the deal's own page. Retrospective analysis for educational purposes; not investment advice.