Will they or won't they? The count­down on Bris­tol My­er­s' $6B CVR winds down to a hard dead­line at the FDA

Tick. Tick. Tick.

A small but in­tense­ly de­vot­ed group of in­vestors hold­ing on to the CVRs from the Cel­gene buy­out are spend­ing a good part of the hol­i­days watch­ing for one piece of news: Will the FDA ap­prove liso-cel, or not?

When Bris­tol My­ers bought out Cel­gene they swapped out cash for a $9 CVR pegged to the ap­proval of 3 drugs. Liso-cel is the sec­ond of the 3 — ozan­i­mod al­ready made it over the fin­ish line in time — and the dead­line for an ap­proval is end of day Dec 31. If the de­layed OK doesn’t come through, that CVR is toast, though to hear the chat­ter on­line you can ex­pect a le­gal bat­tle royale if the pan­dem­ic-re­lat­ed slow­down at the FDA costs these in­vestors a $6 bil­lion pay­out.

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