BMY - Mesoblast stumble weighs on Celgene CVR

Holders of Celgene's contingent value rights (CVRs) which pay out $9 if the FDA approves two CAR T therapies are looking at a down day after the FDA issued a CRL to Mesoblast (MESO) citing the need for an additional trial to demonstrate the efficacy of mesenchymal stem cell product Ryoncil (remestemcel-L) for pediatric steroid-refractory acute graft versus host disease.The all-or-nothing CVR (BMY.RT) payout, issued to Celgene stockholders as part of the Bristol Myers Squibb (BMY) merger, is contingent on an FDA nod for CAR T lisocabtagene maraleucal (liso-cel) for relapsed/refractory large B-cell lymphoma patients who have received at least two prior lines of treatment by November 16 and an FDA nod for CAR T idecabtagene vicleucel (ide-cel) [bluebird bio's (BLUE) bb2121] for multiple myeloma patients who have received at least three prior lines of treatment by March 31, 2021.About a month ago, the CVR dropped 24% in reaction to management comments

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Mesoblast stumble weighs on Celgene CVR