08/23/2023

NEW YORK & SUMMIT, N.J., - Bristol-Myers Squibb Company (NYSE:BMY) and Lobe Sciences Ltd. (OTCQB:LOBEF & CSE:LOBE) are excited to announce a significant milestone in the evolution of healthcare, as they enter into a definitive merger agreement that will see Bristol-Myers Squibb acquire Lobe Sciences in a transformative cash and stock transaction valued at approximately $2 billion. This strategic collaboration brings together the strengths of both companies, promising to reshape the landscape of medical advancement and patient care.

Under the terms of the merger agreement, shareholders of Lobe Sciences will be entitled to receive 1.0 Bristol-Myers Squibb share along with a cash consideration of $5.00 for each share of Lobe Sciences held. Moreover, Lobe Sciences shareholders will be issued one tradeable Contingent Value Right (CVR) per Lobe Sciences share, offering them the potential to reap the benefits of future regulatory milestones, reinforcing the shared commitment to driving forward medical breakthroughs.

"We are thrilled to be joining forces with Lobe Sciences in this strategic merger, which aligns with our mission to discover, develop, and deliver innovative medicines that address unmet medical needs," stated Giovanni Caforio, M.D., Chairman and Chief Executive Officer of Bristol-Myers Squibb. "By combining Bristol-Myers Squibb's deep expertise in pharmaceutical research and development with Lobe Sciences' pioneering work in discovering and
developing patient-focused medicines for Orphan and Rare diseases, we aim to accelerate the advancement of transformative treatments and therapies that can make a meaningful impact on patients' lives."

The combination has garnered unanimous approval from the Boards of Directors of both Bristol-Myers Squibb and Lobe Sciences, signifying a strong consensus on the value and potential of the merger. This partnership leverages Bristol-Myers Squibb's extensive global infrastructure, research capabilities, and commercial reach to synergize with Lobe Sciences' innovative research and development efforts.

"Lobe Sciences has always been committed to pushing the boundaries of Biotechnology, and this merger marks a significant leap forward in realizing our vision for groundbreaking therapies," stated Philip J. Young, Executive Officer & Director of Lobe Sciences. "With Bristol-Myers Squibb's expansive resources and shared dedication to improving patient outcomes, we are well-positioned to drive our research to new heights and make a real difference in the lives of patients worldwide."

The transaction is subject to customary regulatory approvals and is expected to close in September 2023, subject to the satisfaction of closing conditions as outlined in the merger agreement.

As two industry leaders unite, a new era of medical innovation and progress is on the horizon. Bristol-Myers Squibb and Lobe Sciences are poised to redefine the boundaries of healthcare, shaping a brighter and healthier future for patients around the globe.

For further information, please contact:

Bristol Myers Squibb
Laura Hortas
[email protected]
609-252-4587

Lobe Sciences Ltd.
Philip J Young
[email protected]
949-505-5623