Celegene sale faces some opposition

A major Bristol-Myers shareholder is opposing the bid to buy Celgene, the New Jersey pharmaceutical company that was run by ex-U.S. Senate Bob Hugin, the Wall Street Journal has reported.

An investment firm that has an 8% stake in Bristol-Myers believes the proposed $74 billion deal exposes the company to considerable risk and offers Bristol-Myers stock too cheaply to shareholders like Hugin.

But Wellington management only controls voting power for about one-quarter of their stock, which could make their opposition less formidable.

The Wall Street Journal has previously reported that two other big investors are also unhappy with the deal.