Ap­peals court sides with Bris­tol My­ers Squibb in years-long bat­tle with in­vestors over Op­di­vo fail

Bris­tol My­ers Squibb’s years-long court bat­tle with in­vestors over a failed Op­di­vo study is com­ing to a close. Sec­ond Cir­cuit judges sided with the phar­ma gi­ant on Fri­day, af­firm­ing a fed­er­al court’s de­ci­sion to dis­miss a case sur­round­ing a lung can­cer tri­al for the block­buster PD-1 check­point in­hibitor.

Op­di­vo, al­so known as nivolum­ab, won its first ap­proval back in 2014 for ad­vanced melanoma, and has since tacked on a lengthy list of can­cer in­di­ca­tions. But this par­tic­u­lar case traces back to a dis­ap­point­ing 2016 read­out in non-small cell lung can­cer, which shed rough­ly $20 bil­lion off the com­pa­ny’s mar­ket cap in pre-mar­ket trad­ing.

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