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Case Briefing

BY ALM Staff
April 01, 2003

Drug Manufacturer Settles

Bristol-Myers Squibb Co. has settled federal charges that it blocked the sale of cheaper generic versions of three of its drugs, allegedly costing cancer patients and others hundreds of millions of dollars. The Federal Trade Commission said the company tried to limit competition for two of its anti-cancer drugs, Taxol' and Platinol', and the anti-anxiety drug BuSpar'.

Under terms of the settlement, Bristol will pay $93 million for damages claimed by states and individual consumers, and an additional $7 million if other states agree to participate in the settlement, according to Connecticut Attorney General Richard Blumenthal. New York-based Bristol said in a statement that it agreed to the settlement “to achieve a resolution of these matters which will allow it to continue its focus on discovering and developing quality medicines.”

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