Bristol to take $1.8 billion charge on hepatitis C drug failure

NEW YORK, Fri Aug 24, 2012 – Bristol-Myers Squibb Co. said it would record a $1.8 billion charge related to the discontinuation of its much-anticipated hepatitis C drug that was dropped after a patient died of heart failure.

The company will recognize the charge in the third quarter of 2012, it said in a regulatory filing on Friday.

The pharmaceutical giant voluntarily stopped mid-stage trial of the drug, named BMS-986094, early this month.