Regulatory Deep Dive On The Celgene CVR

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About: Bristol-Myers Squibb Company (BMY), BMY.RT
by: Wunderkind Research
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Wunderkind Research
Long/Short Equity, Value, event-driven, Biotech
Summary

The Celgene CVR is tied to FDA approval of 2 CAR-T therapies: Liso-cel by 12/31/20 and Ide-cel by 03/31/21.

We have reviewed all publicly available information on Liso-cel and Ide-cel and 2 competing, already approved products and provide our views on the regulatory process.

We believe the security is undervalued and offers attractive upside.

However, we warn investors that it is highly binary and could literally go to zero any day, if one of the products isn't likely to get approved by its deadline anymore.

Please follow us on Seeking Alpha and reach out with any comments, questions or additional information on the Contingent Value Rights (CVR).

We have analyzed all publicly available information on Liso-cel and Ide-cel, the two