Bristol-Myers Squibb’s agreement to acquire Celgene for $74 billion is opposed by the New York pharmaceutical company’s largest institutional investor.

Wellington Management Group said Wednesday afternoon that while it agrees Bristol should be active in deals that add new science and expand the company’s revenue potential, Wellington “does not believe that the Celgene transaction is an attractive path towards accomplishing this goal.”

Shares of Bristol (NYSE: BMY) rose 2.5 percent to $50.25 each in after-hours trading.

Wellington, which holds approximately 8 percent of Bristol shares, said the deal asks Bristol shareholders to accept too much risk. Meanwhile, it undervalues shares of… Read more »