Bristol-Myers Said to Plan Acceleron Exit With Merck Deal (1)

Bristol-Myers Squibb Co. is planning to tender its shares in Acceleron Pharma Inc. after Merck & Co. agreed to buy the biotechnology company for $11.5 billion, according to people with knowledge of the matter.

Bristol-Myers is Acceleron’s biggest shareholder with an 11.5% stake that it inherited when it bought Celgene Corp. in 2019. Selling that stake will bring Merck deal closer to completion.

Merck needs approval from a majority of Acceleron’s shareholders to close its tender offer for all of the company’s shares, among other conditions, according to a Sept. 30 statement.

Representatives for Bristol-Myers and Acceleron, based in ...