December 22, 2006	Friday	Ziqa’ad 30, 1427

NEW YORK, Dec 21: US pharmaceutical group Bristol-Myers Squibb agreed on Thursday to pay $499 million to settle a probe into possible violations of federal laws on drug pricing and marketing.

The agreement with the US Justice Department and other agencies ends a years-long investigation into the company.

Bristol-Myers said there would be no criminal charges resulting from the deal, which still must be approved by a US judge.

The company said it was setting aside an additional $353 million for litigation costs, which will cut into earnings.

The drug maker said it had lowered its full-year 2006 earnings per share forecast to between 72 and 77 cents per share, compared with an original expectation that profits would fall between 97 cents and $1.02 per share, as a result of the accord.

“The settlement is contingent upon the parties’ agreement to the terms of a final settlement agreement, including on the terms of the corporate integrity agreement, and approval by the Department of Justice,” Bristol-Myers said.—AFP