Celgene’s lingering lottery might come to nothing
Bristol Myers Squibb’s $74 billion acquisition of Celgene came with a sweetener: Every share of Celgene entitled investors to a voucher that turns into $9 if certain conditions are met and turns into dust if even one of them is not. Now, roughly 18 months after signing the deal, the company might be about to squander that lottery ticket.
It all stems from ide-cel, a cancer therapy partnered with Bluebird Bio that must win approval by March 21 for Celgene shareholders to get their $9. The FDA returned Bristol Myers’ application back in May, and the company needs to resubmit it this month if it hopes to make that March deadline.
There are, as we send this newsletter, about 66 hours left in this month, and the market seems a little nervous. Those $9 vouchers are publicly traded, and the price fell about 5% to $3 yesterday.
It all stems from ide-cel, a cancer therapy partnered with Bluebird Bio that must win approval by March 21 for Celgene shareholders to get their $9. The FDA returned Bristol Myers’ application back in May, and the company needs to resubmit it this month if it hopes to make that March deadline.
There are, as we send this newsletter, about 66 hours left in this month, and the market seems a little nervous. Those $9 vouchers are publicly traded, and the price fell about 5% to $3 yesterday.
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