NEW YORK, May 10 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb Company
(NYSE: BMY) and the Antitrust Division of the U.S. Department of Justice
(DOJ) have reached an agreement in principle to resolve the previously
disclosed DOJ criminal investigation regarding the proposed settlement
agreement between Bristol-Myers Squibb, its product partner,
sanofi-aventis, and Apotex Inc., and Apotex Corp. (Apotex). The proposed
settlement agreement was related to the Plavix patent litigation, which is
pending before the U.S. District Court for the Southern District of New
York.
As part of the agreement with the DOJ, Bristol-Myers Squibb, or a
subsidiary of the company, will plead guilty to criminal charges consisting
of two counts of violating Section 1001 of U.S. Code Title 18 (relating to
false statements to a government agency), carrying an aggregate statutory
maximum fine of $1 million. The charges relate to representations made by a
former Bristol-Myers Squibb senior executive during the renegotiation of
the proposed settlement agreement in May 2006 that were not disclosed to
the U.S. Federal Trade Commission.
Bristol-Myers Squibb has advised the U.S. Attorney's Office for the
District of New Jersey (USAO) of this agreement in principle. The USAO has
advised the company that it believes Bristol-Myers Squibb has cured
resulting breaches of the Deferred Prosecution Agreement (DPA) entered into
between the company and the USAO by terminating the employment of certain
former senior officers of Bristol-Myers Squibb, as well as by taking other
actions to prevent the recurrence of the issues and events that led to this
matter. The USAO has further advised Bristol-Myers Squibb that assuming
resolution of this investigation in accordance with the agreement in
principle and assuming the company's compliance with the DPA between this
date and June 15, 2007, it is the USAO's intention to terminate the DPA on
June 15, 2007.
"Full compliance with all of the laws and regulations governing our
company remains the highest priority for our leadership team, and for me
personally," said James M. Cornelius, chief executive officer,
Bristol-Myers Squibb. "As we move forward with our plans to grow our
business and build shareholder value, compliance is an essential pillar
that will support all of our goals."
Bristol-Myers Squibb does not believe this resolution of the
investigation should have a material impact on its ability to participate
in federal procurement or health care programs, although there can be no
assurance of this.
The agreement in principle is contingent upon the parties' assent to
the terms of a final agreement and acceptance of the plea by the court in
which it is entered. There can be no assurance that an agreement will be
finalized or that the plea will be accepted. Further, Bristol-Myers Squibb
cannot predict the impact of the agreement in principle or final agreement
on the previously disclosed investigations by the FTC or the New York State
Attorney General into the proposed Plavix patent settlement.
Bristol-Myers Squibb is a global pharmaceutical and related healthcare
products company whose mission is to extend and enhance human life.
This press release contains "forward-looking statements" as that term
is defined in the Private Securities Litigation Reform Act of 1995,
regarding the prospective resolution of a criminal investigation. Such
forward-looking statements are based on current expectations and involve
inherent risks and uncertainties, including factors that could delay,
divert or change any of them, and could cause actual outcomes and results
to differ materially from current expectations. No forward-looking
statement can be guaranteed. Among other risks, there can be no guarantee
that the agreement in principle will be finalized or that the plea will be
accepted. If the agreement is not finalized and the plea is not accepted,
it is not possible to assess the ultimate resolution of this investigation
or its impact on the Company. Forward- looking statements in the press
release should be evaluated together with the many uncertainties that
affect Bristol-Myers Squibb's business, particularly those identified in
the cautionary factors discussion in Bristol-Myers Squibb's Annual Report
on Form 10-K for the year ended December 31, 2006, its Quarterly Reports on
Form 10-Q, and Current Reports on Form 8-K. Bristol-Myers Squibb undertakes
no obligation to publicly update any forward-looking statement, whether as
a result of new information, future events, or otherwise.
SOURCE Bristol-Myers Squibb
 back to top
Related links:
http://www.bms.com/
CONTACT:
Media, Laura Hortas, Communications,
+1-609-252-4587, laura.hortas@bms.com, or Tony Plohoros,
Communications, +1-609-252-7938, tony.plohoros@bms.com, or
Investors, John Elicker, Investor Relations, +1-212-546-3775,
john.elicker@bms.com, all of Bristol-Myers Squibb
|
