Bristol-Myers Squibb to agree resolution of antitrust case

Bristol-Myers Squibb has announced that it has reached an agreement in principle with the US Department of Justice (DoJ) regarding a criminal investigation concerning its proposed settlement agreement in the currently pending Plavix patent litigation case.

The proposed settlement accord is between Bristol-Myers Squibb, Sanofi-Aventis, Apotex Inc and Apotex Corp and is currently due to be heard before the US District Court for the Southern District of New York.

According to its agreement in principle with the antitrust division of the DoJ, Bristol-Myers Squibb will plead guilty to two criminal charges concerning the making of false statements to a government agency and be liable for a maximum $1 million (0.5 million pound) fine.

James M Cornelius, chief executive officer of Bristol-Myers Squibb, said: “Full compliance with all of the laws and regulations governing our company remains the highest priority for our leadership team and for me personally.”

He added that compliance is a key foundation supporting the company’s aims of business growth and increasing shareholder value.

Last month, Bristol-Myers Squibb and Sanofi-Aventis were ordered to provide documentation regarding an agreement with Apotex to delay the manufacture of a generic form of Plavix to a federal trade commission.

Plavix is a compound that lowers the risk of platelet clots and is used to prevent poor circulation, heart attacks and strokes.