Talent management through speed with dexterity: the postacquisition integration strategy of Celgene by Bristol Myers Squibb

Abstract

Purpose Skillful management of employees after a merger or acquisition (M&A) is one of the key aspects to ensuring a successful deal, and most notably to ensure talent retention. This paper aims to describe how Bristol Myer Squibb (BMS) efficiently integrated Celgene after it bought the company for a near-record $74bn in 2019. The authors explain the structural elements applied during the premerger phase (acquisition experience, partner location and portfolio alignment) and the subsequent postmerger decisions to ensure rapid integration (choice of the leadership team, cultural integration and the communication strategy). Design/methodology/approach This paper adopts a single-case approach of the second largest acquisition in the pharmaceutical industry. It analyzes the management and talent retention decisions taken to ensure rapid integration of Celgene while ensuring that employees felt engaged in the process. This was achieved despite the consideration challenges posed by the COVID-19 global lockdown. Findings M&As are well known for the HR challenges they generate such as change management, cultural clashes and increased employee turnover. This paper demonstrates how BMS was able to overcome these hurdles, combining a fast speed of integration with managerial dexterity. Originality/value This paper offers a concise and clear outline of the management strategies used by BMS to ensure a successful integration strategy. This approach included a strong respect for the human as well as financial and strategic aspects of the deal. For even greater clarity, this paper offers a diagrammatic representation of the strategy of BMS to improve the speed of integration.