Bristol-Myers Squibb Strikes $350 Million Deal To End Hawaii's Plavix Lawsuit

Bristol-Myers Squibb & Co BMY has agreed to pay $350 million to the State of Hawaii to settle claims related to the prescription drug Plavix, an antiplatelet drug that prevents blood clots by keeping platelets in the blood from coming together and making clots.

The agreement resolves a lawsuit filed by the state that alleged the pharmaceutical company engaged in deceptive practices surrounding the development, labeling, and marketing of the drug.

Also Read: Bristol Myers Delivers Upbeat 2025 Forecast Despite China Tariffs Impact

Hawaii Attorney General Anne Lopez announced the settlement on Friday. It represents a full and final resolution of the state's claims against Bristol-Myers Squibb.

A similar agreement has also been executed with Sanofi SA‘s SNY Sanofi U.S., which co-marketed Plavix and will pay an identical settlement amount.

However, each agreement stands independently, and obligations between the state and each company are separate.

Under the terms of the settlement, Bristol-Myers Squibb will transfer the full amount to Baron & Budd, the law firm representing the state, by June 9, 2025.

In exchange, the state will dismiss its case against the company with prejudice and release all claims related to Plavix.

This includes any potential claims over the drug’s labeling, promotion, pricing, reimbursement, and distribution.

Bristol-Myers Squibb has denied any wrongdoing or liability in the case. The company emphasized that the payment is not an admission of fault but rather a strategic move to avoid prolonged litigation and its associated costs.

According to the company, the amount paid qualifies as restitution or remediation under federal tax law.

Price Action: BMY stock is down 2.69% at $46.89 at the last check on Tuesday.

Read Next:

• Flex Accelerates Global Power Infrastructure With Polish Expansion

Photo: Shutterstock