Summary
Bristol-Myers Squibb Company (BMY) announced on January 1, 2021, that a key milestone for its Contingent Value Rights (CVRs) was not met. The U.S. Food and Drug Administration (FDA) did not issue a decision on the Biologics License Application (BLA) for lisocabtagene maraleucel (liso-cel) for the treatment of relapsed or refractory large B-cell lymphoma by the December 31, 2020 deadline. As a direct consequence of this missed milestone, the CVR Agreement has terminated automatically. This means the CVRs, which were contingent on certain development and regulatory approvals of liso-cel, are no longer eligible for any payment and will cease trading on the NYSE. This development significantly impacts the potential future value for CVR holders.
Key Highlights
- 1The FDA did not approve lisocabtagene maraleucel (liso-cel) by the December 31, 2020 deadline.
- 2One of the three required milestones for Contingent Value Right (CVR) payment has not been met.
- 3The Contingent Value Rights Agreement has terminated automatically as of January 1, 2021.
- 4CVRs are no longer eligible for payment under the terminated agreement.
- 5The CVRs will no longer be traded on the New York Stock Exchange (NYSE).
- 6This announcement relates to the BLA for liso-cel for adults with relapsed or refractory large B-cell lymphoma after at least two prior therapies.