Alabama settles suits against 5 drug companies

MONTGOMERY, Ala. (AP) - The state of Alabama has settled Medicaid drug pricing lawsuits it filed against prescription drug manufacturer Bristol Myers Squibb and four other companies.

A lawyer representing the state, Jere Beasley, confirmed Friday the settlement has been reached.

Bristol Myers Squibb is one of more than 70 companies the state has sued for allegedly overcharging the state's Medicaid program.

Beasley said the state has reached agreements with four other companies, which he did not immediately name.

Another attorney representing the state, Dee Miles, said the amount of the settlements could not immediately be released.

The state's lawsuit against Bristol Myers Squibb had been scheduled to be tried beginning Oct. 27 in Montgomery County Circuit Court.

State juries have returned verdicts in favor of the state in three of the cases.

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