SNY - Bristol-Myers Squibb Contingent Value Rights: Thinking Through The Options Around Litigation Financing

• Bristol-Myers terminated the contingent value right related to the Celgene merger.
• The right is related to the approval of three separate drugs.
• 2/3 drugs have been approved and the final is one likely to get approved.
• The second approval arrived a little over a month late, causing Bristol-Myers to terminate.
• The trustee is seeking to fund litigation to potentially challenge this early termination.

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