Xechem International Closes On $4.2 Million Lawsuit Settlement With Bristol-Myers Squibb Company
NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Jan. 25, 2006--Xechem International, Inc. (OTC BB: XKEM) Xechem International said today that the $4.2 million settlement of its antitrust lawsuit against Bristol-Meyers Squibb Co., announced December 2005, has closed and that the net settlement proceeds have now been received by the company. (For more information regarding the settlement, including the allocation of proceeds, please refer to the Company's previously filed Form 8-K of public record.) The lawsuit, filed against Bristol-Meyers in federal district court in Chicago in 2003, centered on allegations that Bristol-Meyers had engaged in anticompetitive practices relating to Xechem's efforts to manufacture and bring to market the drug paclitaxel, a generic equivalent of Bristol's cancer drug, TAXOL(R). Bristol-Meyers did not admit to any wrongdoing as part of the settlement.