What exactly is Celgene doing?
For years, Celgene has been accused of exploiting an FDA loophole to delay generic competition to Revlimid, the company’s blockbuster cancer drug. Last year, the company agreed to a $55 million settlement to make a related lawsuit go away, and everyone figured that was that.
Then, as STAT’s Ed Silverman reports, Celgene backed out of the deal, baffling experts in the process. The only thing that’s changed since 2019 is that Celgene is now a subsidiary of Bristol-Myers Squibb, but it’s unclear why the parent company would balk at a $55 million settlement after paying $74 billion to close the merger. Bristol-Myers didn’t respond to request for comment.
In the meantime, lawyers are left scratching their heads.
“It’s extremely rare and I can’t think of another situation where that happened,” said Carl Tobias, a professor at the University of Richmond law school, who tracks the pharmaceutical industry and product liability litigation.
Read more.
Then, as STAT’s Ed Silverman reports, Celgene backed out of the deal, baffling experts in the process. The only thing that’s changed since 2019 is that Celgene is now a subsidiary of Bristol-Myers Squibb, but it’s unclear why the parent company would balk at a $55 million settlement after paying $74 billion to close the merger. Bristol-Myers didn’t respond to request for comment.
In the meantime, lawyers are left scratching their heads.
“It’s extremely rare and I can’t think of another situation where that happened,” said Carl Tobias, a professor at the University of Richmond law school, who tracks the pharmaceutical industry and product liability litigation.
Read more.
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