(Bloomberg) Shares of drugmaker Bristol-Myers Squibb Co. gained Monday, with acquisition target Celgene Corp. falling after activist hedge fund Starboard Value was said to have taken a stake in Bristol-Myers. The size of Starboard’s stake and any plans that Jeff Smith’s hedge fund might have for its investment in the $81 billion drugmaker couldn’t immediately be learned when Bloomberg reported the position on Saturday, citing people familiar with the matter. Bristol-Myers shares declined last month after the New York-based drugmaker made a record $74 billion deal to buy Celgene.
Bristol-Myers Gains After Starboard Takes a Position
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