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Major Drug Company Pleads Guilty; Pays $1 Million Fine


The maker of the drug Plavix pleaded guilty to making false statements to federal regulators Monday and paid a $1million fine.

Bristol-Myers Squibb was trying to keep a rival company from producing a cheaper, generic version of the blood-thinner, Plavix.

Federal officials said the company failed to tell regulators about a collapsed agreement to keep the generic drug off the market.

Bristol-Myers was eager to block competition from the rival company because it was selling billions of dollars worth of Plavix.

Some information for this report was provided by Bloomberg and Reuters.

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