The buyout of Celgene by Bristol Meyers Squibb came with a payment of $50 and 1 share of BMY for each share of Celgene. There was also a CVR for three of Celgene's late trial stage drugs which pays an all or nothing $9 if all three drugs are approved. BMY calculated the present value of this CVR at $3.80 and it now trades separately on the exchange with the ticker BMY.RT (on etrade at least). Today it was trading for $2.09 so I bought 10,000 of them in one of my IRAs.
It is something I probably would have done in my Robinhood trading contest account (maybe more like 1000) but Robinhood doesn't support them.
Anyway, it is an interesting gamble and has a pretty nice risk/reward ratio with the probability calculated at 42% overall success rate. I plan to just hold them until they climb higher to the true present value (maybe sell them for $3.50 or so). Biggest short term risk here is one of the three drugs is pulled from the trial early, but that is why I only bought 10,000