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Bristol-Myers avoided $ 6.4 billion in payments by delaying cancer drug: suit



(Reuters) – A new lawsuit alleges that Bristol-Myers Squibb Co. wrongly delayed the development of a drug to treat non-Hodgkin's lymphoma to avoid paying $ 6.4 billion to the shareholders of former Celgene Corp., which the drug maker bought in 2019

According to a complaint filed Thursday in federal court on Manhattan would have owed Bristol-Myers the money if it had won the US Food and Drug Administration approval by the deadlines set for three drugs that Celgene had developed.

The trial said Bristol-Myers failed to use contractual "diligent efforts" to gain approval for the cancer drug Breyanzi by December 31, 2020, the deadline, and excuse it from payments.

Bristol-Myers had no immediate comment. 1

9659002] The lawsuit was filed by UMB Bank NA, which acted as trustee for former Celgene shareholders it said lost on payments. Bristol-Myers acquired Celgene in November 2019 and has valued the transaction at $ 80.3 billion. Catalog

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