Bristol-Myers Gets $6.4 Billion Suit Over Celgene CVRs Tossed

Bristol-Myers Squibb Co. defeateda $6.4 billion lawsuit against it related to contingent value rights it issued when it purchased Celgene Corp., a federal court said.

But the reprieve may be short lived, because Judge Jesse M. Furman’s dismissal was without prejudice, which means that the suit can be refiled.

Bristol-Myers issued the CVRs to Celgene shareholders when it acquired the company in 2019. But the CVRs didn’t have value unless the Food and Drug Administration approved marketing applications for three of Celgene’s most valuable products by specified dates, Furman said.

In order to avoid paying the $6.4 billion to the ...