Celgene shareholders sue BMS over alleged Breyanzi stalling

4 June 2021

Bristol Myers Squibb (NYSE: BMY) has been sued by the former shareholders of Celgene, the company that it acquired in 2019.

The shareholders allege that BMS delayed the development of Breyanzi (lisocabtagene maraleucel) in order to avoid having to pay them $6.4 billion under a contingent value rights (CVRs) agreement which would have been due had the cancer drug won US approval by the end of 2020 —along with two other approvals relating to separate products and deadlines.

'Momentum lost'

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