Renegotiate the $6B CVR deal Bristol Myers made for the Celgene buyout? Caforio says that’s not happening
Bristol Myers Squibb has $6 billion riding on its CVR ($BMYRT) for the Celgene buyout, and one essential element of that is now hanging by a thread after the FDA has delayed the application for liso-cel.
The delay came about as a result of the pandemic, which Bristol maintains prevented the FDA from inspecting one of the manufacturing facilities to be used for its production. That has the second of 3 deadlines built into the all-or-nothing CVR agreement teetering on the brink. But if you own any part of that $9 CVR, you can forget about working any changes in the terms just because a completely unexpected global pandemic broke out since they struck the deal to buy Celgene.
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