Gold Prices Set for Weekly Loss as Iran Tensions and Fed Rate Outlook Weigh 
Oil Prices Rise as U.S.-Iran Conflict Fuels Strait of Hormuz Supply Fears 
Apple Sues OpenAI, Former Employees Over Alleged Trade Secret Theft 
Gold Prices Slip as U.S.-Iran Conflict, Fed Rate Hike Bets Pressure Precious Metals 
Venezuela Earthquake Death Toll Climbs to 3,811 as Government Seeks Sanctions Relief 
SK Hynix Soars 13% in Nasdaq Debut After Record $26.5 Billion IPO 
AstraZeneca Shares Sink After Wainua Trial Misses Key Heart Disease Goal 
Goldman AM Sees Strong Buyout Opportunities in Japan, South Korea and Australia 
Asian Stocks Slip as Iran Tensions, Samsung Weakness and Fed Caution Weigh on Markets 
Japanese Yen Rises as Pension Fund Plan and BOJ Rate Hike Bets Weigh on Dollar 
SK Hynix’s $28 Billion U.S. Share Sale Draws Massive Demand Amid AI Chip Boom 
Dollar Ends Week Higher as Yen Jumps on Japan Pension Fund Investment Plans 
US Launches New Iran Strikes as Strait of Hormuz Conflict Escalates, Oil Prices Rise 
Sino Biopharm Stock Rises After AstraZeneca Licensing Deal, GSK Partnership Expansion 
Gold Price Rebounds as U.S.-Iran Tensions and Fed Minutes Keep Markets on Edge 
Japan Eyes Bigger GPIF Investment in Domestic Assets as BOJ Independence Concerns Grow 
OpenAI GPT-5.6 Set for Wider Release After U.S. Commerce Approval, Report Says 
Bristol Myers Squibb has been sued for $6. 4 billion for allegedly delaying a cancer drug. In the new lawsuit, it was claimed that the American multinational pharmaceutical company headquartered in New York improperly held up the development of a medicine for the treatment of non-Hodgkin's lymphoma.
The allegation against the pharma company
According to Reuters, it was alleged that Bristol Myers Squibb deliberately delayed the development so it can avoid paying $6.4 billion to Celgene Corp. shareholders. Bristol Myers acquired this drug manufacturing company in 2019.
Based on the complaint that was filed at the Manhattan federal court on Thursday, June 3, the company would have owed the said amount if it had received the approval from the U.S. Food and Drug Administration for specified deadlines for three drugs that Celgene had been developing.
In the filing, it was stated that the pharmaceutical company failed to use contractually required "diligent efforts" to get the FDA’s approval for the cancer drug called Breyanzi before the set deadline of Dec. 31, 2020. Now, with no approval before the deadline, the company was excused from paying the sum to Celgene.
It was reported that the lawsuit was filed by the UMB Bank NA, which is acting as a trustee for Celgene’s former shareholders. Bristol-Myers acquired Celgene under a $80.3 billion deal that was signed in November 2019.
Bristol Myers Squibb accused of misconduct
The former shareholders think that Bristol Myers did not exert efforts to beat the deadline when it was supposed to get the FDA’s approval for Breyanzi. They are suspecting that the company did this deliberately to avoid paying them, so they are accusing Bristol Myers of “blatant misconduct,” as per Fierce Pharma.
Finally, the case against Bristol Myers was recorded under 1:21-cv-04897 in the U.S. District Court-Southern New York. The shareholders that were represented by UMB Bank NA sued the pharma firm for breaching the CVR agreement through its failure to exert efforts to secure the needed approval from the FDA.
