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Bristol-Myers Squibb $185m settlement approved

Date published: 13/02/2006

A US judge has approved Bristol-Myers Squibb's $185 million settlement in the case surrounding the investigational compound Vanlev (omapatrilat).

The lawsuit was brought by 2,000 investors that accused the firm of breaking US federal securities regulations. They claimed Vanlev's poor safety record was not publicised even though it was heralded as becoming a major drug. The drug was expected to have sales of over $3 billion but the US Food and Drug Administration (FDA) rejected the drug after weak clinical trials.

A company statement said: "Under the proposed settlement, Bristol-Myers Squibb will pay $185,000,000 to create a settlement fund to pay the claims of certain investors who purchased Bristol-Myers Squibb common stock during the period from October 19th, 1999 through March 20th, 2002. "The settlement was entered into without any admission of wrongdoing by the company."

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