The diabetes medication Byetta was developed by Amylin Pharmaceuticals and approved by the FDA in 2005. Amylin, and the rights to manufacture Byetta, were then purchased by Bristol-Myers Squibb in 2012.
Bristol-Myers Squibb, or BMS, was formed in the 1989 merger of Bristol-Myers, which was founded in 1887 in New York, and the Squibb Corporation, which was founded in 1858 in New York. The company maintains its headquarters in New York City.
BMS is a pharmaceutical company which ranks among the largest in the world. It manufactures prescription drugs used in the treatment of cancer, HIV/AIDS, diabetes, cardiovascular disease, hepatitis, rheumatoid arthritis and psychiatric disorders.
BMS has research & development sites located in New Jersey, Connecticut, Belgium, Tokyo and India.
Although BMS has been heralded for the advancement of medicine, patient care and environmentally-conscious practices, it has also been the subject of controversy.
In 2002, BMS was accused of inflating sales figures to investors and regulators, which required a restatement of revenues from 1999 to 2001. They have since agreed to pay $150 million to the Department of Justice and SEC, without admitting wrongdoing.
In 2003, BMS was accused of obstructing competition against three of its drugs by abusing federal regulations, deceiving the Patent and Trademark Office, paying off rivals and filing unwarranted patent infringement lawsuits against others.
Following lawsuits by several state attorney generals, the company was placed under the oversight of a federal judge. Also the CFO and head of Pharma were indicted for federal securities violations.
In 2006, authorities announced the investigation of BMS due the distribution of Plavix and charges of collusion. The FBI also raided the company’s corporate offices. The CEO at the time, Peter Dolan, was later forced to resign.
Recent studies have linked the popular diabetes drug Byetta, manufactured by BMS, to increased risks of pancreatic cancer and thyroid cancer. Since BMS failed to warn patients of the risks of their defective product, they face liability for the damages.
Lawyers are currently helping those affected by cancer after using Byetta file claims against BMS. They can let you know what help is available and how long you have to take action.
If you or a loved one have been diagnosed with pancreatic cancer or thyroid cancer after using Byetta, it is important to speak with a lawyer. You may be entitled to substantial compensation. Contact us today.