Bristol Myers Lawsuit Information

Bristol Myers Overview

Bristol Myers Squibb (a Fortune 500 company) was actually formed in 1989, the result of a merger of Bristol Myers (founded 1887) and Squibb.

Bristol-Myers Squibb makes prescription pharmaceuticals, over-the-counter drugs and health care products in various areas. Mead Johnson is a subsidiary that manufactures Enfamil baby formulas and infant vitamins such as Tri-Vi-Sol and ConvaTec. They also specialize in ostomy and wound care products.

Bristol Myers Problems & Legal Issues

In 2006 the CEO, Peter Dolan, got on the wrong end of a patent dispute over Plavix and was terminated.

Bristol Myers had partnered with ImClone Systems Inc. to develop a new cancer drug Erbitux. In fact they bought $1 billion worth of their stock and were to pay another $1 billion when the drug hit key milestones, such as FDA approval.

The $1 billion price tag also shows they are likely in trouble with other drugs coming off patent protection. This means they need to have drugs in development to replace them.

Large pharmaceutical companies are beginning to face difficult times - with once profitable drugs going off patent, no potential drugs in development, and governments putting their foot down over the expensive patent protected prices.

Bristol Myers Lawsuits

The Federal government and 30 state Attorney Generals received $670 million in 2007 to settle civil suits. These suits alleged fraudulent drug marketing/pricing schemes, including illegally promoting an anti-psychotic drug to children and the elderly and for keeping lower priced Taxol (cancer drug) off the market.

The settlement is the third largest between a pharmaceutical company and the US Attorney's Office in Massachusetts. The agreement was the result of several employees filing a whistleblower lawsuit.

This Bristol Myers lawsuit alleged the company gave kickbacks to doctors and healthcare providers to strongly encourage prescribing their drugs. The kickbacks included consulting fees and luxury trips.

Further allegations were that from 2002-2005 Bristol Myers promoted the sale of Abilify, an anti-psychotic drug, for off label uses such as pediatrics and treating dementia-related psychosis.

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Another suit was filed in 2006 involving the failed experimental compound Vanlev (omapatrilat). The suit alleged Bristol Myers violated federal securities laws and regulations.

The company reportedly put aside a reserve of $185 million for this Bristol Myers lawsuit. The case arose due to allegations that Bristol Myers didn't tell investors that Vanlev had serious side effects. This was also despite the FDA privately raising concerns.

An agreement was reached in this case, however there was no indication a final settlement would be made.

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A class action Bristol Myers lawsuit was brought in 2006 alleging Plavix causes heart attacks, strokes, blood disorders and death. The plaintiffs claim the manufacturers promoted Plavix and aspirin together as effective for the prevention of blood clots, when the safety of that therapy was unknown. It was further alleged that Plavix caused serious and sometimes fatal injuries.

The plaintiffs further alleged Bristol Myers "over-promoted" the drug and were twice ordered by the FDA to withdraw ads making overly broad claims. Reportedly Plavix taken with aspirin wasn't any more effective than aspirin alone. They argued it was actually more harmful for patients with multiple risk factors, like high blood pressure or high cholesterol.

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A securities lawsuit was brought in 2008 asserting Bristol Myers failed to disclose material facts regarding the Apotex Settlement.

Bristol-Myers shareholders sued the company and two top executives for allegedly misleading them about patent litigation against Apotex.

Reportedly the company bargained away much of its right to seek damages from Apotex for patent infringement (in order to strike a licensing deal with Apotex that was subsequently rejected by regulators).

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The drug Tequin was involved in another class action Bristol Myers lawsuit in 2006. Tequin is an antibiotic that allegedly caused diabetes. The FDA recalled this drug in 2006. Despite its ability to heal infections, it allegedly caused high blood sugar levels in patients.

There were approximately 375 cases of hypo- and hyper-glycemia between 2000 and 2005, and over 230 reported deaths. The common thread in these reports was the patients took Tequin.

The Tequin recall was only for new product. That meant the old drug was still being marketed and consumed. Tequin racked up over $150 million in sales worldwide, with roughly $100 million in US sales alone.

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If you've been hurt by side effects from taking drugs manufactured by Bristol Myers, consider contacting a dangerous drug attorney. They will review your case and advise you on whether or not to file a Bristol Myers lawsuit.




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