Judge dismisses $6.4 billion lawsuit against Bristol Myers Squibb

5 October 2024

Bristol Myers Squibb (NYSE: BMY) has scored a major legal victory as a judge in New York dismissed a $6.4 billion lawsuit related to its acquisition of cancer company Celgene.

The lawsuit, brought by UMB Bank on behalf of Celgene shareholders, claimed that Bristol Myers had intentionally delayed drug approvals to avoid making contingent value right (CVR) payments tied to the deal.

Under the terms of the 2019 purchase, Celgene shareholders were entitled to payouts if certain therapies, including Breyanzi (lisocabtagene maraleucel), were approved before specific deadlines.

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