Celgene, Investors Reach $239 Million Deal to End Drug Suit (1)

Celgene Corp. and two former executives agreed to pay $239 million to end an investor class action alleging they misrepresented the approval prospects of a multiple sclerosis drug ozanimod, now sold as Zeposia.

The investor leading the class sought preliminary approval Tuesday from the US District Court for the District of New Jersey, which would end almost eight years of litigation with the pharmaceutical company that was acquired by Bristol-Myers Squibb Co. in 2019.

About $159.3 million, two-thirds of the amount, plus interest would be distributed among class members if the agreement’s terms are approved by Judge Michael E. Farbiarz ...