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BMS To Settle Class Action Suit

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Bristol-Myers Squibb Co. has received preliminary approval from U.S. District Judge, Stanley Chesler, of a settlement agreement with plaintiffs in the consolidated securities class action litigation, pending in the U.S. District Court for the District of New Jersey, relating to the BMS investigational compound, Vanlev.

Under the proposed settlement, BMS will pay $185 million to create a Settlement Fund to pay the claims of certain investors who purchased BMS common stock during the period from October 19, 1999 through March 20, 2002. The settlement also includes provisions regarding the company’s commitment to the public disclosure of the results of certain clinical trials, and the registration of trials on an appropriate publicly accessible database. The company entered into the settlement without any admission of wrongdoing. The settlement is subject to certain conditions, including the District Court’s review and final approval at a fairness hearing, which is scheduled for May 11, 2006.

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