The triple crown in biotech: An all-or-noth­ing bet on an FDA ap­proval of 3 drugs over 16 months starts to­day

Bris­tol-My­ers Squibb’s $74 bil­lion Cel­gene deal closed as ex­pect­ed Wednes­day evening. And now a new clock has be­gun to tick down for Cel­gene share­hold­ers who came away from the deal with CVRs — con­tin­gent val­ue rights — worth $9 or noth­ing. Those CVRs start trad­ing to­day as $BMYRT.

The new dead­line they have is the end of March 2021, a lit­tle more than 16 months from now, when Bris­tol-My­ers will need to gain ap­provals on 3 late-stage drugs it’s pick­ing up in the buy­out: Ozan­i­mod and liso-cel (JCAR017) are due up at the end of 2020, with bb2121 dead­lined at the end of Q1 in 2021.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER