Bristol-Myers Squibb Co. has extended the expiration date of offers to exchange notes issued by Celgene Corp. for up to $19.85 billion of new notes and cash.

The New York-based pharmaceutical giant started the exchange offers in connection with its acquisition of Celgene for $95 billion.

The offers will now expire July 8 instead of June 3. Bristol-Myers said the expiration date of the exchange offers may be further extended and the company will give notice of any such extension.

The exchange offer is subject to certain conditions including the closing of the Celgene transaction, which is expected in the third quarter.