CELG.R

Bristol-Myers Squibb Co. Celgene Contingent Value Rights are contractual rights issued in connection with Bristol-Myers Squibb's acquisition of Celgene Corporation. A contingent value right (CVR) is a derivative security that entitles holders to receive payments if specific milestones are achieved by specified dates. In this case, CELG.R holders are entitled to payments contingent upon regulatory approvals and commercialization milestones for certain Celgene pipeline drugs, specifically three distinct biologic compounds. Each CVR tracks the progress of these development programs through FDA approval processes and potential commercial launch timelines. Payments are triggered only if the specified regulatory and timing conditions are met. CVRs have expiration dates and typically do not pay dividends or grant voting rights. The value of CELG.R fluctuates based on perceived probability of milestone achievement, clinical trial progress, regulatory developments, and time remaining until expiration. These securities are highly speculative and may expire worthless if milestones are not met.