Investors in biotech startup Padlock Therapeutics are suing Bristol Myers Squibb for allegedly failing to make up to $450 million in milestone payments as agreed in a 2016 acquisition deal. Bristol originally paid $150 million in cash for Padlock, which was working on new drugs for autoimmune diseases. The lawsuit accuses Bristol of manipulating the patent process and hiding information to avoid making these payments. The investors, including Atlas Venture and CEO Michael Gilman, claim that Bristol did not fulfill the agreed-upon terms of the acquisition. The lawsuit has been filed in Delaware Chancery Court.
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Investors in Padlock Therapeutics sue Bristol Myers over ‘milestone’ payments
