Bristol-Myers to Reserve Cash for Settlement

Bristol-Myers Squibb Co. agreed to set aside $185 million to settle a shareholder lawsuit related to its Vanlev blood pressure drug.

The parties are still seeking to complete nonfinancial aspects of the tentative settlement, New York-based Bristol-Myers said.

Vanlev was once expected by analysts to have more than $1 billion in annual sales. Instead, the Food and Drug Administration in 2002 said it wouldn’t approve Vanlev without additional research by Bristol-Myers because the drug might cause life-threatening breathing problems.

Shares of Bristol-Myers fell 23 cents to $22.10.