Bristol Myers faces renewed, $6.7 billion lawsuit over delayed cancer drug [Yahoo! Finance Canada]
UMB Financial Corporation (UMBF)
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Source: Yahoo! Finance Canada
The lawsuit accused Bristol Myers of depriving holders of "contingent value rights" (CVR) an extra $9 per share in cash by dragging its heels in seeking approval of the drugs, including the cancer drug Breyanzi, by specified deadlines. It said Bristol Myers did this to avoid a big payout. On Sept. 30, U.S. District Judge Jesse Furman in Manhattan ruled that the plaintiff UMB Bank had never been properly appointed trustee to represent the CVR holders. He said this "inexplicable failure" doomed the earlier lawsuit that UMB filed after purportedly replacing a different trustee, and 17 months after Bristol Myers bought Celgene for $80.3 billion. In Thursday's complaint, UMB said it has addressed the judge's concerns and been confirmed as trustee, entitling it to sue. Bristol Myers' estimated $6.7 billion liability is up from $6.4 billion mentioned in earlier court papers. Neither Bristol Myers nor its lawyers immediately responded to requests for comment after market hours. UMB's
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UMBF
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UMBF
Sec Filings
- 11/12/24 - Form 4
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- 11/7/24 - Form 144
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