All-or-Nothing Bet on Bristol Drugs Goes Sour as FDA Reviews Lag

(Bloomberg) — The deal sweetener that Bristol Myers Squibb Co. offered as a part of its bid to buy Celgene Corp. plunged after management said U.S. regulators have not scheduled an inspection of a facility that is key for investors to get the $9 all-or-nothing payment.The so-called contingent value right, or CVR, fell as much as 81% to a record low of 65 cents as the sweetener would become worthless if the company’s blood cancer drug lisocabtagene maraleucel isn’t approved in a timely manner.During the company’s quarterly earnings call, management said the U.S. Food and Drug Administration had not yet …read more

Source:: Yahoo Finance