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For Immediate Release
January 7, 2003
Contact: Sean Caine, 410-576-6357

CURRAN ANNOUNCES AGREEMENT ON FINANCIAL TERMS
OF SETTLEMENTS OF SUITS AGAINST MAKER OF
ANTI-CANCER AND ANTI-ANXIETY DRUGS

Attorney General J. Joseph Curran, Jr., announced today that Maryland and other States have reached agreement regarding the financial terms that will facilitate the settlement of two major antitrust cases brought against Bristol-Myers Squibb Co. The states participating in this litigation expect to receive in excess of $155 million when these cases are ultimately settled.

The first case is the federal antitrust lawsuit involving the anti-cancer drug Taxol brought against Bristol-Myers Squibb Co. by 38 states, the District of Columbia and three territories. The parties have reached an understanding on the financial element of a negotiated resolution under which Bristol-Myers would pay $55 million in settlement of the states' claims for damages, penalties and individual consumer redress. This financial resolution is contingent on the parties' reaching agreement on other settlement terms, including injunctive relief.

The second federal antitrust lawsuit brought by the states against Bristol-Myers involves the anti-anxiety drug BuSpar. Bristol and 35 states, the District of Columbia and Puerto Rico, have reached an understanding on the financial element of a negotiated resolution under which the companies would pay $100 million in settlement of the states' claims for damages, penalties and individual consumer redress. This financial resolution is contingent on the parties' reaching agreement on other settlement terms, including appropriate injunctive relief.

The parties are continuing to negotiate other terms to determine whether the cases can be settled by agreement without further litigation.

Ellen S. Cooper, chief of the Maryland Attorney General's Antitrust Division, stated "This is a major step toward successful resolution of these two cases. We are optimistic about the progress of our settlement negotiations to date."

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