Bristol-Meyers Agrees to Fine for Concealing Settlement Information

Bristol-Meyers Squibb Co. has agreed to pay $2.1 million to settle an FTC claim against it for violating court orders stemming from two earlier antitrust cases.  The FTC alleged that Bristol-Meyers issued misleading compliance reports and concealed material information about a proposed 2006 settlement deal with Apotex Corp. to keep a copycat version of the drug Plavix, marketed by Bristol-Meyers and Sanofi-Avenis, off the market.   In 2003, Bristol-Meyers paid $150 million to all 50 states, the District of Columbia and four U.S. territories to settle charges that it colluded with other pharmaceutical companies to keep generic versions of its Buspar and Taxol drugs off the market.  In 2007, Bristol-Meyers paid $1.1 million to settle allegations by nationwide attorney generals that it misled the states about another proposed patent deal with Apotex.  Under both settlements, Bristol-Meyers agreed to notify the states of any patent litigation settlements and to provide states with yearly compliance reports.  In this latest case, the FTC alleged that Bristol-Meyers’ misleading statements and failure to fully disclose the terms of the 2006 settlement with Apotex violated the terms of the two earlier settlement agreements. 

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