Will the $74bn Celgene deal be done before the market slows?

Bristol-Myers Squibb has agreed to acquire Celgene Corp in a $74 billion deal that will unite two drug-makers battling for advantage in a crowded market for innovative cancer treatments.

Both companies have faced investor wariness about their prospects in recent months. Bristol makes an immunotherapy drug called Opdivo that accounts for roughly a quarter of its sales but that has trailed a rival medication from Merck & Co. Celgene, meanwhile, has been looking ...