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BMS Sues Exec Who Goes to AZ

Bristol-Myers Squibb has filed a lawsuit against a former executive for accepting a job with AstraZeneca, alleging he violated a non-compete agreement in the process, according to court documents.

 The executive, David Berman, who worked for Bristol-Myers for a decade, most recently was the vice president of the company’s immuno-oncology exploratory development team. He was promoted to this position last December, and three months ago, was offered company shares as part of a stock incentive plan and he agreed not to accept employment with a competitor for 12 months if he left Bristol-Myers, according to an article in The Wall Street Journal.

 But in late May, Berman told Bristol-Myers that he accepted a job with AstraZeneca. In its lawsuit, which was filed in Delaware Chancery Court, Bristol-Myers raises concerns because Berman acquired “highly confidential and proprietary information” about its immuno-oncology efforts, the article notes.

 “Berman is aware of a significant amount of currently non-public information, including BMS’s ongoing pipeline strategies, which will not become public for at least another year, given the timelines in drug development and the conduct of clinical trials,” the lawsuit states, as reported by the WSJ. Bristol-Myers also asserts Berman was “one of the few senior-level” employees involved in developing its long-term strategic plans.

 Source: The Wall Street Journal