The investment-grade offering comprised nine tranches

Davis Polk advised the joint book-running managers and representatives of the underwriters in connection with an SEC-registered public debt offering by Bristol Myers Squibb Company, consisting of $500 million of floating-rate notes due 2026, $1 billion of 4.950% notes due 2026, $1 billion of 4.900% notes due 2027, $1.75 billion of 4.900% notes due 2029, $1.25 billion of 5.100% notes due 2031, $2.5 billion of 5.200% notes due 2034, $500 million of 5.500% notes due 2044, $2.75 billion of 5.550% notes due 2054 and $1.75 billion of 5.650% notes due 2064. Bristol Myers Squibb Company intends to use a portion of the net proceeds of the offering to fund the cash consideration payable in connection with the previously announced proposed acquisitions of Karuna Therapeutics, Inc. and RayzeBio, Inc. and the fees and expenses in connection therewith and with the offering. Bristol Myers Squibb Company expects to use any remaining net proceeds from the offering for general corporate purposes.

Bristol Myers Squibb Company is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr. and counsel Jennifer Ying Lan. The tax team included partner Christopher A. Baratta and associates Yueyu Yang and Richard P. Wang. Counsel Michael Comstock provided environmental advice. The intellectual property team included partner David R. Bauer. All members of the Davis Polk team are based in the New York office.