STAT+: Pharmalittle: We’re reading about a lawsuit over lab tests for meds, a Bristol myeloma drug, and more

The U.S. Food and Drug Administration approved Zenbexus, an oral treatment for advanced multiple myeloma from Bristol Myers Squibb. The drug is the first in a new class of blood cancer medicines called CELMoDs, which work by redirecting the cell's natural machinery to eliminate cancer-causing proteins. It also marks the first drug cleared by U.S. regulators using a more sensitive measure of remission.

Separately, a U.S. appeals court ruled 3-0 that a lower-court judge erred in dismissing a $6.7 billion lawsuit accusing Bristol Myers Squibb of cheating former Celgene shareholders by delaying federal approval for three drugs. The appeals court decided UMB Bank was entitled to represent Celgene shareholders as a trustee despite an error in its appointment. The case stems from Bristol Myers' $80.3 billion acquisition of Celgene in 2019; shareholders holding "contingent value rights" were entitled to an extra $9 per share if Bristol Myers won timely approvals for three drugs.