A former Celgene Corp. shareholder can’t sue Bristol-Myers Squibb Co. over conditional rights to payment that it issued him when it acquired the smaller pharmaceutical company, a federal court ruled.
Travis Rhodes lacks the right to enforce the contract underlying BMS’s issuance of “conditional value rights” hinging on the Food and Drug Administration’s approval of three treatments by specified dates, Judge Jesse M. Furman said Tuesday for the US District Court for the Southern District of New York.
BMS’s recently finalized $239 million settlement with Celgene investors resolves one of several suits against the pharma giant following the 2019 acquisition. ...
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