Bristol-Myers Squibb near settlement in Vanlev suit

Share this article:
Bristol-Myers Squibb (BMS) is close to settling a shareholder lawsuit over its failed experimental blood-pressure drug Vanlev for more than $150 million, The Wall Street Journal reported today. The settlement, which could be announced as early as this week, pertains to a suit that alleges Bristol-Myers Squibb hailed Vanlev as a potential blockbuster even as a dangerous side effect surfaced. The agreement could bring to nearly $1 billion the amount of money BMS has agreed to return to shareholders in the past two years. Vanlev was designed to treat high blood pressure and in the late 1990s was widely seen as the product that would restore BMS’ slumping drug portfolio. Some analysts predicted Vanlev could reach sales of as much as $4 billion a year. However, Vanlev never made it to market, with news of its trouble leading to sharp declines in BMS stock.
Share this article:
You must be a registered member of MMM to post a comment.
close

Next Article in Business Briefs

Email Newsletters

MM&M EBOOK: PATIENT ACCESS

Patient access to pharmaceuticals is a tale of two worlds—affordability has improved for the majority, while the minority is hampered by cost, distribution and red tape. To provide marketers with a well-rounded perspective, MM&M presents this e-book chock full of key insights. Click here to access it.

More in Business Briefs

Novartis said to be stepping out of HCV

Novartis is said to have relinquished rights to an investigational hep. C treatment, signaling its exit from the therapeutic space, according to a former partner's announcement.

Monday Moves: September 15

Hires and promotions for manufacturers, regulatory and agencies

Kantar acquires Evidências, expands Brazilian presence

The company's acquisition signals the growing importance of understanding the Brazilian healthcare market and evidence-based healthcare management services.