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Bristol-Myers Pleads Guilty in Plavix Antitrust Probe, to Pay $1 Million Fine
Bristol-Myers Squibb said it pleaded guilty to two counts of making false statements to the FTC and will pay a fine of $1 million. The company acknowledged that an unnamed "former senior executive" led Apotex to believe that Bristol-Myers would not launch a competing generic version of blood thinner Plavix if Apotex agreed to a settlement, and implied that then-chief executive Pete Dolan shared his views. In September, Bristol-Myers pushed out Dolan and said GC Richard K. Willard would leave the company.Federal Advisers Recommend Restricting Use of Controversial Antibiotic
Federal health advisers say the benefits of the antibiotic Ketek, which has been linked to reports of liver problems and several deaths, outweigh its risks in treating pneumonia, but not less severe infections like bronchitis and sinusitis. The advisers' review raises the possibility that the FDA will disapprove the drug for treatment of the lesser infections. A Senate committee is investigating the FDA's handling of Ketek, and one senator has accused the agency of withholding information on the drug.Applications for jobless benefits rise to 462K
More people applied for unemployment benefits last week, the first rise in three weeks and evidence that companies are reluctant to hire in a slow economy.Bristol-Myers Squibb sees 3Q profit dip 2 percent
Bristol-Myers Squibb Co. posted a slight decline in third-quarter profit Tuesday as its restrained spending was offset by flat sales of its drugs, lower income from its partners and bigger discounts to government because of the health care overhaul.FDA Gives Antibiotic New Scrutiny After Reports of Fatalities
The antibiotic Ketek, linked to reports of severe liver problems, including several deaths, will be subjected to new scrutiny by U.S. health advisers, according to a federal notice. Meanwhile, the Senate Finance Committee is investigating allegations of fraud connected with trials of Ketek, or telithromycin, as well as how the FDA has handled relevant safety issues. Through April, the FDA received at least a dozen reports of acute liver failure, including four deaths, among patients treated with Ketek.Icahn Blasts ImClone Management
In the wake of a judge's ruling that stripped ImClone Systems of key exclusive patent rights, the biotech's biggest rival wasted little time taking advantage of the situation. After the market closed Tuesday, biotech giant Amgen Inc. said it had licensed the same technology to which ImClone lost its exclusive rights. Meanwhile, in what could lead to a full-blown power struggle, newly elected ImClone director Carl Icahn blasted management for the patent loss and for ImClone's "sorry record" in general.Revenue, Profit, Cash: Managing Law Firms for Success
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