Medscape September 30, 2024
(Reuters) – Bristol Myers Squibb won the dismissal on Monday of a $6.4 billion lawsuit claiming it cheated former Celgene shareholders by delaying federal approval for the cancer drug Breyanzi and two other drugs developed by Celgene.
U.S. District Judge Jesse Furman in Manhattan said UMB Bank was never properly appointed trustee for shareholders owning “contingent value rights” (CVR) because its hiring was supported by a majority of beneficial owners, not registered owners.
Furman said that “inexplicable failure” doomed the lawsuit that UMB filed on CVR holders’ behalf in June 2021, a few months after purportedly replacing a different trustee, and 17 months after Bristol Myers bought Celgene for $80.3 billion.
“After three years of litigation and with so much...
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