Bristol Myers hints at some problems with an FDA inspection needed for the liso-cel OK, and the Celgene CVR investors are panicking
The nail-biting among the investors who held on to their contingent value rights $BMYRT from the Celgene buyout is giving way to panic today.
During their Q3 call with analysts, execs said that the FDA had inspected the Bothell, WA plant being used for liso-cel (JCAR017), the CAR-T Bristol Myers picked up in the deal. That’s a plus.
But there was a hitch.
They went on to say that no inspection had yet even been scheduled for the Texas CMO involved. And with that, the slow trickle of investors seeping out of the CVR group turned into an instant rout. The stock plunged about 80% from the $3.40 still left for the CVR at the end of the day yesterday. That took it down into penny stock territory.
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