Summit-based Celgene Corp. and Bristol-Myers Squibb Co. announced on Friday that their shareholders voted to approve the proposed merger of the two companies.

Under the terms of the agreement, which was announced in January 2019, Celgene stockholders will receive 1.0 Bristol-Myers Squibb share and $50.00 in cash for each share of Celgene common stock.

“On behalf of the Celgene board of directors, I would like to thank our stockholders for their overwhelming support of this transaction,” said Mark Alles, chairman and chief executive officer of Celgene.

“The combined company will create a leading focused specialty biopharma company well positioned to address the needs of patients with cancer, inflammatory and immunologic disease and cardiovascular disease through high-value innovative medicines and leading scientific capabilities,” Alles added. “We are confident that together we can generate long-term, sustainable value for stockholders and superior solutions and choices for patients.”

The transaction remains on track to close in the third quarter of 2019, subject to the satisfaction of customary closing conditions and regulatory approvals.