Bristol-Myers Squibb pays penalty for not disclosing oral representations not to compete | Practical Law

Bristol-Myers Squibb pays penalty for not disclosing oral representations not to compete | Practical Law

On 6 March 2009, the US Federal Trade Commission (FTC) announced that Bristol-Myers Squibb Company (BMS) will pay US$2.1 million - the maximum civil penalty allowed by law - for failing to disclose certain oral representations it made during the course of patent litigation settlement negotiations with Apotex, Inc. (Apotex) regarding potential generic competition for the BMS drug Plavix. In particular, BMS failed to inform regulators that it had orally indicated that it would not compete with Apotex for the first 180 days after Apotex began marketing a generic version of Plavix.

Bristol-Myers Squibb pays penalty for not disclosing oral representations not to compete

Practical Law UK Legal Update 5-386-0278 (Approx. 3 pages)

Bristol-Myers Squibb pays penalty for not disclosing oral representations not to compete

by Practical Law
Published on 01 May 2009 • USA (National/Federal)
On 6 March 2009, the US Federal Trade Commission (FTC) announced that Bristol-Myers Squibb Company (BMS) will pay US$2.1 million - the maximum civil penalty allowed by law - for failing to disclose certain oral representations it made during the course of patent litigation settlement negotiations with Apotex, Inc. (Apotex) regarding potential generic competition for the BMS drug Plavix. In particular, BMS failed to inform regulators that it had orally indicated that it would not compete with Apotex for the first 180 days after Apotex began marketing a generic version of Plavix.