New York-based pharmaceutical giant Bristol-Myers Squibb announced Thursday it will buy biotech firm Celgene in a $74 billion cash and stock deal to create a specialized biopharma company.

Photos: VCG

The completed deal will see Bristol-Myers shareholders own about 69 percent of the merged company, with 31 percent going to Celgene shareholders, according to the statement.

Cover image: Tablets are pictured on the production line of Bristol Myers Squibb's pharmaceutical plant of French group UPSA (Union de pharmacologie scientifique appliquee) in Agen, southwestern France on March 29, 2018.