Bristol-Myers Squibb said on Thursday that it would buy Celgene, a maker of cancer-fighting drugs, in a cash-and-stock deal valued at $74 billion, the first major pharmaceutical deal of 2019.

Between them, the two companies produce nine drugs with annual sales of more than $1 billion apiece, Bristol-Myers said in a statement.

Bristol-Myers shareholders will own 69 percent of the combined entity; Celgene shareholders will own the rest. Celgene shareholders will get one Bristol-Myers share and $50 in cash for each Celgene share. The deal values Celgene shares at $102.43 apiece, a 53.7 percent premium on the stock’s closing price on Wednesday.

The deal, which both companies’ boards have approved, will help the drugmakers advance their work in oncology, cardiovascular disease, immunology and inflammation, Bristol-Myers said in its statement. Celgene is known for its blockbuster Thalomid and Revlimid cancer medicines.