8-KOther Events

BRISTOL MYERS SQUIBB CO 8-K Report, Corporate Update (Apr 3, 2007)

Filed April 3, 2007For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) disclosed on April 3, 2007, that it received a Civil Investigative Demand from the U.S. Federal Trade Commission (FTC) on March 21, 2007. This demand pertains to the proposed settlement of the Plavix patent litigation with Apotex. The company stated its intention to cooperate fully with the FTC's investigation. This FTC inquiry is in addition to a previously disclosed criminal investigation by the U.S. Department of Justice's Antitrust Division concerning the same Apotex settlement. Bristol-Myers Squibb also indicated its full cooperation with the DOJ investigation. The company currently cannot reasonably assess the ultimate outcome or financial impact of either investigation.

Key Highlights

  • 1BMY received a Civil Investigative Demand from the FTC regarding the Apotex Plavix patent litigation settlement.
  • 2The FTC demand was issued on March 21, 2007.
  • 3BMY intends to cooperate fully with the FTC investigation.
  • 4This FTC investigation is in addition to an ongoing criminal investigation by the DOJ's Antitrust Division concerning the same settlement.
  • 5The company is cooperating fully with the DOJ investigation.
  • 6It is not possible at this time to determine the outcome or impact of these investigations on BMY.
  • 7Further details on the litigation and DOJ investigation are available in BMY's 2006 10-K filing.

Frequently Asked Questions

The FTC issued a Civil Investigative Demand requesting documents and information related to Bristol-Myers Squibb's proposed settlement with Apotex concerning the Plavix patent litigation.

No, in addition to the FTC's Civil Investigative Demand, Bristol-Myers Squibb is also cooperating with a previously disclosed criminal investigation by the U.S. Department of Justice's Antitrust Division into the same proposed settlement.

The company has stated that it is not possible at this time to reasonably assess the outcome or impact of either the FTC or the Department of Justice investigations on the company.

More comprehensive details regarding the patent litigation with Apotex, the proposed settlement, and the U.S. Department of Justice criminal investigation can be found in Bristol-Myers Squibb's Annual Report on Form 10-K for the fiscal year ended December 31, 2006, specifically within Note 21, Legal Proceedings and Contingencies.