$74 billion is a lot of money

As you may have heard, Bristol-Myers Squibb and Celgene have agreed to a merger in which the former will pay $74 billion for the latter, and the whole biotech industry will get reshaped in the process.

But why? The CEOs of Bristol-Myers and Celgene explained their reasoning to STAT’s Matt Herper. The gist: Bristol-Myers wants a presence in every facet of oncology, and now that will consume Celgene, “there is one company that has a leading presence in all of those areas,” CEO Giovanni Caforio said.

Who wins? We dig into that on the latest episode of “The Readout LOUD,” our biotech podcast. Short version: It’s good for Celgene shareholders, potentially bad for the world at large.

What does this mean for the rest of biotech? Here are nine takeaways from the proposed deal, including its implications for startups, scientists, and the fight over drug prices.