• STAT+: Former Celgene shareholders claim Bristol Myers reaped a $6.4 billion windfall by delaying a drug approval

    15 days ago - By STAT

    A lymphoma drug that was approved later than expected by regulators is at the center of a lawsuit accusing Bristol Myers Squibb of deliberately delaying production and development of the medicine in order to save $6.4 billion in payments to investors.
    At issue is a provision in the 2019 agreement in which Bristol Myers paid $80.3 billion for Celgene. As part of the deal, Bristol Myers agreed to pay Celgene shareholders $9 in cash, or contingent value rights, for each share they held. But there was a stipulation - the company had to win Food and Drug Administration approval for a treatment...
    Read more ...