Bristol Takes $1.8B Hit, Ditches Hepatitis C Drug After Death

Law360, New York (August 24, 2012, 8:09 PM EDT) -- Bristol-Myers Squibb Co. on Friday said it’s taking a $1.8 billion charge because of the previous day's abandonment of its hepatitis C treatment that was linked to severe side effects after being acquired in a multibillion-dollar deal earlier this year.

The brutal financial blow stems from the company’s $2.5 billion purchase of Inhibitex Inc., a deal prompted largely by high hopes for a hepatitis drug now suspected to have played a role in the death of one patient and the hospitalization of eight others.

New Jersey-based...
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