Celgene rights up on hopes for FDA nod on liso-cel by month-end

 

• The contingent value right (CVR) issued to Celgene shareholders as part of its $74B merger with Bristol Myers Squibb (BMY.RT +106.7%) is up big today although still down ~13% year to date. Volume is 63.5M, more than 7x normal.
• Investors apparently have renewed confidence of FDA approval of CAR T therapy lisocabtagene maraleucal (liso-cel) for relapsed/refractory large B-cell lymphoma patients who have received at least two prior lines of treatment by the end of the month, the deadline for one of the two qualifying milestones for a $9 payout. The action date has been delayed until the FDA can inspect the manufacturing plant, an otherwise routine action that it has been unable to complete due to COVID-19-related travel restrictions.
• The other milestone is a U.S. nod by March 31, 2021, for CAR T idecabtagene vicleucel (ide-cel) (bb2121) for multiple myeloma patients who have received at least three prior lines of treatment. The agency's action date for its review of the marketing application is March 27.
• https://seekingalpha.com/news/3641481-celgene-cvr-jumps-107-on-hopes-for-fda-nod-on-liso-cel-month-end