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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.