Bristol Myers Squibb Faces Legal Challenge Over $450 Million Milestone Payment Dispute

Bristol Myers Squibb is facing accusations from former securityholders of a biotechnology company it acquired in 2016, who claim the pharmaceutical giant failed to fulfill a promise of up to $450 million in milestone payments. The lawsuit has been filed in Delaware’s Court of Chancery, where the plaintiffs allege that Bristol Myers employed “patent prosecution sleight of hand” to sidestep its obligations. These payments are connected to a treatment for an autoimmune disorder. For further details on this development, the lawsuit can be accessed here.