Suddenly Bristol-Myers-Celgene is in serious doubt

What was once a $74 billion sure thing in January is now starting to look a little shaky. Bristol-Myers Squibb’s quest to acquire New Jersey neighbor Celgene has run into trouble somewhere in the Holland Tunnel, and now it’s reasonable to ask: What if this thing breaks down?

STAT’s Adam Feuerstein pondered exactly that. One hedge fund manager said it “would be a total nightmare” for Celgene, forcing the company to scramble in search of another buyer to appease shareholders. To avoid that, the company is almost certainly working the phones to keep the deal from falling apart, a process that might involve reopening negotiations to find a price that wins investors over.

Meanwhile, as STAT’s Ed Silverman notes, the sudden uncertainty has Wall Street analysts reconsidering Bristol-Myers’ odds of success. Jefferies analyst Michael Yee wrote that Bristol-Myers now faces a “major uphill battle” when it comes to convincing shareholders to back the deal come April 12, when they’ll get a chance to vote yes or no.