Healthy Skepticism Library item: 9133

Warning: This library includes all items relevant to health product marketing that we are aware of regardless of quality. Often we do not agree with all or part of the contents.

Publication type: news

Bristol-Myers Gets FTC Document Request
Associated Press 2007 Apr 3
http://biz.yahoo.com/ap/070403/bristol_myers_squibb_ftc.html?.v=2

Full text:

Bristol-Myers Squibb Asked by FTC to Produce Documents Related to Failed Plavix Settlement

NEW YORK (AP) — Drug maker Bristol-Myers Squibb Co. said Tuesday it was cooperating with a Federal Trade Commission request to turn over documents related to last year’s failed Plavix patent settlement.

The company said in a filing with the Securities and Exchange Commission that the FTC requested the documents on March 21 through a civil investigative demand.

In the settlement, Bristol-Myers and Plavix partner Sanofi-Aventis SA intended to pay the Canadian drug maker Apotex to keep a lower-cost generic version of the best-selling blood thinner off the market.

The agreement soured when state attorneys general refused to sign off on it, ultimately leading to the downfall of former Chief Executive Peter Dolan in September. The Justice Department also launched its own criminal investigation of the settlement.

After the settlement fell apart, Apotex launched its own version of the $5 billion drug in August but a judge issued an injunction against the company from selling the drug less than a month later.

In its SEC filing, Bristol-Myers said it could not reasonably assess the outcome of the Justice Department or FTC investigations at this time.

A ruling on the Plavix trial is expected later in the year.

Bristol-Myers shares fell 6 cents to close at $27.54 on the New York Stock Exchange.