Recommendation to BMS board to fire CEO Dolan
Further to an IPBiz post on BMS CEO Dolan, the New York Times reported on what is likely to be the end of the line for Dolan.
In an article "Dismissal Recommended for Bristol Chief," Stephanie Saul writes:
A court-appointed overseer has recommended that the company’s board fire Mr. Dolan for the company’s recent handling of a patent dispute that has led to a criminal investigation, according to a participant in a meeting Monday evening where the recommendation was made.
Also:
Mr. Lacey’s recommendation about Mr. Dolan stems from Bristol-Myers’s conduct this year in a patent dispute involving its blockbuster anti-clotting agent Plavix, according to the person who attended the meeting.
Under the terms of federal agreement in the accounting scandal, the company was obliged to demonstrate good conduct and improve its corporporate governance and remain under supervision by Mr. Lacey at least through the end of this year.
In the overseer’s view, Bristol-Myers has evidently breached a portion of the agreement by its handling of efforts, along with its marketing partner Sanofi-Aventis, to settle the Plavix dispute with a Canadian generic drug maker. The Justice Department is thought to be investigating claims that Bristol-Myers tried to conceal portions of a proposed patent-settlement agreement with the Candian company, Apotex, hiding those details the Federal Trade Commission and state attorneys general, who were reviewing its antitrust implications.
Mr. Lacey also recommended that the board terminate Richard K. Willard, who was hired as chief counsel just last October. Mr. Williard’s role in the Plavix case is not publicly known. His name has not come up in voluminous court documents associated with the case.
In an article "Dismissal Recommended for Bristol Chief," Stephanie Saul writes:
A court-appointed overseer has recommended that the company’s board fire Mr. Dolan for the company’s recent handling of a patent dispute that has led to a criminal investigation, according to a participant in a meeting Monday evening where the recommendation was made.
Also:
Mr. Lacey’s recommendation about Mr. Dolan stems from Bristol-Myers’s conduct this year in a patent dispute involving its blockbuster anti-clotting agent Plavix, according to the person who attended the meeting.
Under the terms of federal agreement in the accounting scandal, the company was obliged to demonstrate good conduct and improve its corporporate governance and remain under supervision by Mr. Lacey at least through the end of this year.
In the overseer’s view, Bristol-Myers has evidently breached a portion of the agreement by its handling of efforts, along with its marketing partner Sanofi-Aventis, to settle the Plavix dispute with a Canadian generic drug maker. The Justice Department is thought to be investigating claims that Bristol-Myers tried to conceal portions of a proposed patent-settlement agreement with the Candian company, Apotex, hiding those details the Federal Trade Commission and state attorneys general, who were reviewing its antitrust implications.
Mr. Lacey also recommended that the board terminate Richard K. Willard, who was hired as chief counsel just last October. Mr. Williard’s role in the Plavix case is not publicly known. His name has not come up in voluminous court documents associated with the case.
posted by Lawrence B. Ebert at 6:59 PM
1 Comments:
CNN reports on 12 Sept:
Bristol-Myers CEO Peter Dolan was fired Tuesday, becoming the third top exec in the drug industry to get pushed out since last year.
Bristol-Myers Squibb board members appointed James Cornelius, a director of the company since January 2005, as interim CEO. Cornelius also held the job of interim CEO at the biotech Guidant Corp. from September 2004 through April 2006, and has served as an executive with Eli Lilly & Co.
Post a Comment
<< Home