Time-wasting case goes Bristol Myers' way, more litigation to come
A judge in the USA has dismissed litigation against Bristol Myers Squibb (NYSE: BMY), alleging the New York-based company defrauded former Celgene shareholders out of $6.4 billion.
When the company bought Celgene for $74 billion, it provided contingent value rights (CVR) allowing a payment of up to $9 per share, should lisocabtagene maraleucel be approved before the end of 2020.
That product is now approved and marketed as Breyanzi, but the nod came after the deadline, with the coronavirus pandemic being blamed for slowing down the regulatory process.
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