New York-based pharmaceutical company Bristol-Myers Squibb Co. (AA/Negative/A-1+) today announced that it has settled all outstanding litigation concerning its two drugs, the anti-anxiety treatment BuSpar and the cancer treatment Taxol, for an aggregate $670 million. Various states attorney offices, generic drug companies, and certain other litigants had sued Bristol-Myers for its efforts to extend the two products' patent protection, which ultimately delayed generic competition for several months. Bristol-Myers will make payments of $580 million (the company has previously paid $90 million) during the next several months. While the amount is significant, Standard&Poor's said that it has no impact on the current ratings and outlook on the company. Standard&Poor's believes that Bristol-Myers' business portfolio, despite a string
