A U.S. judge on Wednesday dismissed a lawsuit accusing Bristol Myers Squibb Co of defrauding investors who stood to receive $6.4 billion had it won federal approval by specified deadlines for drugs developed by the former Celgene Corp.
NEW YORK, March 1 - A U.S. judge on Wednesday dismissed a lawsuit accusing Bristol Myers Squibb Co
of defrauding investors who stood to receive $6.4 billion had it won federal approval by specified deadlines for drugs developed by the former Celgene Corp. In connection with its $80.3 billion purchase of Celgene in 2019, Bristol Myers had agreed to pay Celgene shareholders holding "contingent value rights" an extra $9 per share in cash if it won timely U.S. Food and Drug Administration approvals of the Breyanzi cancer drug and two other drugs.
Rights holders accused Bristol Myers of failing to submit critical information to the FDA and ready plants or inspection, in a bid to delay the approvals and avoid the $6.4 billion payout, while publicly pledging to use "diligent" efforts to meet the Dec. 2020 and March 2021 deadlines.He said there was no evidence that Bristol Myers executives sought to benefit financially from delays, and that even alleged corporate "mismanagement" did not amount to fraud.
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