Generic drug maker Apotex has filed court papers detailing a secret deal with Bristol-Myers Squibb to shelve a generic competitor to Plavix, a blockbuster blood clot therapy. The case has attracted close attention as the Justice Department has probed how BMS and its Plavix marketing partner Sanofi-Aventis struck an agreement to delay a generic launch until 2011. According to the filing by Apotex lawyers, a top assistant to BMS CEO Peter Dolan negotiated the secret pact in a side deal to a settlement of a patent dispute. As part of the deal, BMS and Sanofi agreed to delay their generic version of Plavix for six months after Apotex introduced one in 2011. Apotex was also to receive a $60 million secret payment.
- here's the article on the probe from The New York Times
PLUS: The board at Bristol-Myers, meanwhile, appears to be backing away from their unqualified support of embattled CEO Dolan. BMS shares are down 20 percent over the last three weeks. Report (WSJ sub. req.)
ALSO: A hearing was scheduled today on BMS move to stop generic Plavix sales. Report