BMY-RT is the contingency value right that was given to every CELG shareholder in the Cellgene buyout by BMY and is currently traded at NYSE. The CELG/BMY merger was closed last Wednesday. For every CELG share you received $50, 1 BMY share and 1 CVR (contingency value right). The CVR is currently listed @ NYSE ~$2 a share I am trying to figure out how to price the CVR. It acts like a binary option: If three CELG drugs currently on phase 3 clinical trial are approved within about a year, the payout is $9. If any one of the three fails to get FDA approval within the set period, the payout is $0. So the R:R is 2:9, all or nothing. Based on my research on the three drugs, two seemed to be a sure thing and the third is a timing issue. I took a gamble and bought some BMY-RT. Anyone here have any opinion or advice?