Bristol-Myers Squibb announces quarterly dividend
NEW YORK The board of directors of Bristol-Myers Squibb announced a quarterly dividend of $0.31 per share on the $.10 par value common stock of the corporation.
The quarterly dividend will be payable on Aug. 3, 2009 to stockholders of record at the close of business on July 6. 2009.
The directors also announced a quarterly dividend of $0.50 for every share on the $2.00 convertible preferred stock of the company. The quarterly dividend will be payable Sept. 1, 2009 to stockholders of record at the close of business on Aug. 7, 2009.
Senate to vote on drug importation measure
WASHINGTON U.S. Sen. Byron Dorgan, D-N.D., has dropped his proposal to add the importation of cheaper medicines from other countries to a tobacco legislation.
Dorgan claims that under the amendment, the Food and Drug Administration would be given the power to oversee packaging, marketing and manufacturing of cigarettes and other tobacco products, Reuters reported. Additionally, U.S.-licensed pharmacies and drug wholesalers would also be allowed to import FDA-approved medicines from Canada, Europe and a few other areas for cheaper prices.
The Senate will consider the drug issue separately, Reuters said.
President Barack Obama has asked Congress for $5 million for the FDA to get started. Despite presidental backing, drugmakers are unhappy with Dorgan’s bill, claiming that with importation comes the risk for counterfeit drugs.
The tobacco bill passed the Senate on Monday with a 61-30 vote and proceeds to legislation later this week.
KV Pharmaceuticals, Purdue Pharma settle OxyContin dispute
ST. LOUIS A generic drug company has settled a dispute with a branded drug company concerning the painkiller OxyContin.
St. Louis-based KV Pharmaceutical Co. announced Tuesday that it had entered a settlement agreement with Stamford, Conn.-based Purdue Pharma in a patent infringement lawsuit that Purdue filed against KV.
Under the terms of the agreement, KV agreed that Purdue’s patents for OxyContin (oxycodone hydrochloride) are valid, enforceable and infringed. In exchange, Purdue granted KV limited rights to sell generic controlled-release oxycodone hydrochloride tablets in the United States for an unspecified period of time.