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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