Market Chatter: Bristol-Myers' Bid to Dismiss Lawsuit Related to Celgene Acquisition Rejected by US Judge

MT Newswires Live12-02

Bristol-Myers Squibb's (BMY) bid to dismiss a $6.7 billion lawsuit related to its Celgene acquisition was rejected by a US judge, Reuters reported Monday.

The lawsuit, filed by UMB Bank (UMBF), claimed the drugmaker cheated shareholders of the former Celgene by delaying federal approval of three drugs, according to the report.

Bristol Myers acquired Celgene in 2019 in a deal which also entitled shareholders to receive an extra $9 per share contingent upon the timely approval of cancer drug Breyanzi, and the drugs Ozanimod and Ide-cel.

Bristol-Myers Squibb and UMB Bank did not immediately respond to MTNewswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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