Will BMS Eventually Have To Pay Celgene Holders ~$6.4 Billion? We Shall See: Of “Contingent Value Rights”

To be sure, so-called “contingent value rights” have been used since the late 1980s, in M&A circles, to close deals where there would otherwise be intractable differences of opinion on the overall price for a company, or asset.

In this case, Celgene felt it was worth more than BMS was giving it credit for at the bargaining table. So, to split the difference (and think Seagen/Pfizer here, this year!), and cross the gulf… the parties agreed that if a certain Celgene candidate called Breyanzi won FDA approval by 2020, BMS would pay out a performance bonus of sorts, to the former shareholders of Celgene — another $6.4 billion in all, give or take.

But BMS missed the deadline for FDA approval by a couple months — and the claim is that BMS management slow-rolled the approval to avoid paying out on the CVRs. We will pick up the story there — but FiercePharma is right: this is many long nights away from being over. In fact it is pending in several court houses, in one form or another, around the nation. So litigation it will remain:

…Did Bristol Myers Squibb deliberately drag its feet with Breyanzi’s FDA application to avoid paying former Celgene shareholders $6.4 billion? A federal judge found no proof of that intent.

U.S. District Judge Jesse Furman on Wednesday dismissed a lawsuit that accused BMS of lying about getting CAR-T therapy Breyanzi a timely FDA approval, which would have enabled a $6.4 billion payout to investors.

But as Mizuho analyst Salim Syed pointed out in a Thursday note, BMS’ legal battle around the contingent value rights is far from over….

Now you know… we will keep you apprised. Smile.

नमस्ते

So — Elizabeth Stauffer Thinks LGTBQ+ Crews Are “More Dangerous” To Airline Passengers?! Damn.

I know — anything to find a wedge issue among/with these Powerline jokers, old and new.

Elizabeth shows this morning that she belongs with these boys… by conflating two ideas that have no business being conflated.

There is, in short, no evidence at all that any crew is safer than any other, at United.

But Elizabeth insists that we all must ASSUME the LGBTQ+ one will put passenger lives in jeopardy. What a tool she is.

Me? I personally think it is going to be a load of fun… creating dozens of deflating parodies of her face, for these pages. [She is easier on the eyes than the boys are — but not by much, in truth. And as Don Lemon said… she may be complaining… because “she is… past her prime, now.“] The image proves it.

Hilarious.

Is Even Moderate Deforestation In Africa Increasing The Risk Of Severe, And Repeated… Ebola Outbreaks?

This is some pretty outstanding sleuthing. Very good science — and a keen insight on epidemiology patterns — particularly in the developing (but not yet post-industrial) world. Do go read it all. And then do think about what the CDC and/or the EPA might offer as potential mitigation strategies.

Here is the article in full, from ProPublica’s fine work:

…Around the same time Olivero’s team developed the deforestation model, a different group of researchers, led by Christina Faust at the University of Glasgow, Scotland, created an epidemiological model that calculates an area’s spillover risk by using information about its deforestation over time. This model, unlike the deforestation model, doesn’t only consider changes to forests in aggregate, but it also takes into account how the patterns of tree loss might impact risk.

It is an adaptation of a classic epidemiological model that tracks how populations of susceptible, infected and recovered individuals change over time as a virus spreads. Crucially, it incorporates information about the degree and type of deforestation that’s occurring in an area over time….

The researchers found that the highest risk of spillover occurs at intermediate levels of forest loss. That’s because there’s just enough disturbed forest left for adaptable species like bats to survive.

At the same time, the total amount of edge around those deforested patches — the places where people are most likely to come in contact with wildlife — is at its peak. When the scale tips beyond that intermediate level of habitat loss, there isn’t as much forest to support the wildlife, resulting in less total edge where humans and animals can collide….

This is. . . intuitively very sensible — but not at all obvious, least not until ProPublica took the time and care to sort it all out.

Onward — when you know better — you do better.

नमस्ते

Finally Got Time To Listen To Ms. Prelogar’s Argument Yesterday At The Supremes… “Nailed It!”

Look… in theory, in many (perhaps most) Supreme Court cases, because these cases both draw from the most-skilled advocates, and because these are the best of our best Justices (or so the theory holds, anyway) — it should be a simple matter of applying the black letter law as laid out, before the Court.

But reality… as they say… is another matter. [Sure, some have written that the program is in trouble. After actually listening — I disagree, and disagree… completely.]

Yes, I’ve said repeatedly right here that Mr. Biden possessed clear statutory authority for his student loan relief measure. That is still true — in spades. But faced with at least four Justices looking for a reason to invalidate it… yesterday came down to who was the calmer, more prepared, and best equipped lawyer in the ceremonial courtroom. And that was the Solicitor General, yesterday.

After listening all the way through, I honestly came away thinking she likely changed at least two Justices’ views yesterday.

And by comparison, the lawyers for Nebraska, Mizzou and Texas… seemed rather frenetic and scatter-shot.

When the loan relief program is upheld, recall that I said tonight… it was very skillful advocacy that made it so. Onward, grinning — ear to ear.

नमस्ते

Steve… Can’t… Read.

Hayward is an odd, and misshapen, soul.

Speciously, Steve thinks race relations in the US declined as a result of some form of disappointment with Barack Obama, post 2013.

Me?

I think that Tangerine’s claiming a million falsehoods about him (starting in 2012, through this afternoon) — and about brown people — in general, in America… is closer to the proximate cause.

But once again, this is just a springboard for Hayward to claim (again falsely) that really only whyte opinions should matter, here. [And for his canard that it is only “the left” stoking racial tensions. Fascinating that the only people out chanting about “replacement theory” are hard right whytes — his very fine people. Funny, that.]

Damn. What a malevolent… tool. [And… I suspect Elizabeth Stauffer will depart soon enough, deciding she doesn’t want to be tarred by these mediocre decrepit old whyte racist boys. Until then, we will use the age enhancing filter, as well as the horns & flags regalia for her and her compatriots.]

Lilly Says It Will Cap Insulin Out Of Pocket At $35/Month In US

The news is welcome, but seems about six years too late. For more than 14 per cent of people who use insulin in the US, insulin costs consumed at least 40 per cent of their available income, in 2022 — and there are seven million people who need it daily, to survive. It is hard to imagine a bigger burden disease, in poor and rural America.

Perhaps prices will stay reasonable for longer, this time. And people on public health plans already see low to no co-pays… so, I suspect industry now realizes the FTC could turn it all into a “Shkreli style” enforcement show, here if they won’t self police. Here’s the NYT on it, this morning:

…Eli Lilly and Company said on Wednesday that it would reduce the price of its most commonly prescribed insulins and expand a program that caps monthly out-of-pocket costs for patients at $35 or less.

It said the company was taking the action to “help Americans who may have difficulty navigating a complex health care system that may keep them from getting affordable insulin.”

Insulin, a lifesaving drug that is usually taken daily, has grown increasingly expensive in recent years, and many diabetes patients ration their medicines or discontinue them because of the cost. More than 30 million Americans live with diabetes.

It comes after years of mounting criticism from Americans who have said the drug should be more accessible. The criticism led to lawsuits and legislation….

Late coming, but good news just the same. Onward, smiling into a warming patch of sunshine here….

नमस्ते

Paul’s Out “Pimping” Heather Mac Donald’s BS — Again.

Rather than laugh again at Paul’s now third of a century outdated view of EEO law… and rather than laugh again at Mac Donald’s inability to do honest statistical work…

Instead, I’ll just ask Paul why so many whyte cops have been convicted of manslaughter/murder in the killings of unarmed men and women of color in just the last five years.

Please explain in view of your claim that there is so much evidence of discrimination against whytes in America.

Thanks. Don’t worry — it’s a rhetorical question, Paul.

One you cannot answer honestly without imploding your claims.

But tell yourself any stupid bedtime story you like there, son.

Out.

Some New Writer… Whining About EV “Tests” — In CA? And She Lives In FL And MA?!

Yep. That checks out. 100%.

Just like the boys. She has no clue about in-state matters, outside her state.

Charming.

I may just stop reading whatever it is she might write.

It is that ill-informed — and patrician.

On the other hand, if it is meant as a deflating parody of Hinderaker’s EV views… it is brilliant!

[Really? The main complaint is that Car & Driver must plan the test drives, to calibrate mileage/wattage used?!]

Hilarious!

Out.

UPDATE: Now Eleven Dead So Far — In Guinea, Of Marburg — This Time Around.

The news is not… encouraging.

Public health authorities on the ground in Guinea are still working to improve assessment / reporting on cases and contacts. And the number of cases is now at 48, with 11 fatalities. Here’s the update, from VoA:

…Two more people in Equatorial Guinea have died of Marburg hemorrhagic fever, a cousin of the Ebola virus, bringing the toll of fatalities to 11, the authorities say.

“Two days ago, the monitoring system recorded eight notifications, including the deaths of two people with symptoms of the disease,” Health Minister Mitoha Ondo’o Ayekaba said in a statement issued late Tuesday.

Work is underway “to strengthen assessment of the spread of the epidemic,” said the statement, read on national television.

“Forty-eight contact cases have been documented, four of whom have developed symptoms, and three who have been quarantined in hospital,” it added….

And we are still several weeks away from having candidate vaccine stock in country, ready for clinical “ring” vaccination trials. That may not be ready in time at all, for this go ’round. Discouraging.

नमस्ते

Please Smile Kindly — And Charitably — Upon The Twisted Ball Of Goo That Is Tennessee Gov. Bill Lee (MAGA-GOP). Grin.

Yep — he’s about to sign a bill into law, in Tennessee, on behalf of the MAGA-GOP regulars… that will make drag performing unlawful, if a child is anywhere in sight.

As many of us did (myself included), while captaining the basketball or football teams, we donned cheerleading outfits, as part of both Homecoming festivities and Senior Prank celebrations.

Bill did too (obviously). I don’t care. It is part of growing up in America.

But for him to now deny that people may do it… seems a bit… rich, no?

Marsha Blackburn, what say you? [Do give your witch hunts… a rest.]