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Sanofi-Aventis and Bristol Myers Squibb Breathe Sigh of Relief Over Plavix July 1, 2006 15:50 |
Bristol-Myers Squibb Co. and Sanofi-Aventis stocks soared Wednesday after the companies struck a deal that may possibly keep generic competition at bay for their blockbuster blood-thinner, Plavix. This deal could ensure that Plavix will be kept off the market until 2011.
The two companies have reached an agreement with Canadian drugmaker Apotex Inc., which had been suing to have Plavix's patents declared invalid. This, of course, would pave the way for generic competition.
Any loss of exclusivity for BMS would be devastating, as Plavix accounted for 30% of earnings/share this year. Sanofi-Aventis has less at stake, with Plavix accounting for 15% of earnings/share.
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