NEW YORK (S&P Global Ratings) Jan 4, 2021-- Bristol-Myers Squibb Co. (BMY; A+/Negative/A-1) issued a contingent value right in connection with the acquisition of Celgene, under which BMY was obligated to pay about $6.8 billion, if three milestone events relating to development of Celgene drugs were all met. With the U.S. Food and Drug Administration (FDA) not having approved of Liso-cel by Dec. 31, 2020, the company is now relieved of that contingent liability. We believe the delay in FDA approval was partially because of the COVID-19 pandemic, and we don't view that delay as reflective of weakened prospects for eventual FDA approval on this product. As a result of this development, we are revising our projections for 2021 leverage
