Bristol-Myers to Reserve Cash for Settlement
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Bristol-Myers Squibb Co. agreed to set aside $185 million to settle a shareholder lawsuit related to its Vanlev blood pressure drug.
The parties are still seeking to complete nonfinancial aspects of the tentative settlement, New York-based Bristol-Myers said.
Vanlev was once expected by analysts to have more than $1 billion in annual sales. Instead, the Food and Drug Administration in 2002 said it wouldn’t approve Vanlev without additional research by Bristol-Myers because the drug might cause life-threatening breathing problems.
Shares of Bristol-Myers fell 23 cents to $22.10.
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