Giovanni Caforio, Bristol Myers Squibb CEO (Pablo Martinez Monsivais/AP Images)

Bris­tol My­ers faces $1B+ tax fight af­ter ac­ci­den­tal dis­clo­sure re­veals al­leged off­shore patents scheme — re­port

The IRS has bat­tled Big Phar­ma for years over off­shore patent trans­fer schemes, which it said have bilked the pub­lic in­ter­est by bil­lions of dol­lars. Now, loose lips at the agency have re­vealed its pur­suit of an­oth­er drug­mak­er — Bris­tol My­ers Squibb — that it says is on the hook for more than $1 bil­lion in back tax­es.

Bris­tol My­ers could face near­ly $1.4 bil­lion in back tax­es the IRS be­lieves it evad­ed pay­ing as part of a scheme to move its patent rights from the US to an Irish sub­sidiary and reap the in­come write-offs, the New York Times re­ports.

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Vice President

Alexandria Real Estate Equities

San Francisco, CA, USA