Word: cyanamid
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Dates: during 1960-1969
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Five leading drugmakers swallowed a bitter pill last week. In a surprise move, they offered to pay $120 million to settle treble-damage claims against them for allegedly rigging the price of a widely used antibiotic, tetracycline. While proposing the settlement, the five companies-American Cyanamid, Chas. Pfizer, Bristol-Myers, Upjohn and Squibb Beech-Nut-asserted that they "have not violated the antitrust laws...
...federal jury convicted Cyanamid, Pfizer and Bristol-Myers of plotting to fix the price of tetracycline-and the companies are still appealing the verdict. Upjohn and Squibb were named co-conspirators but not defendants. Encouraged by the verdict, 39 states, ten cities and counties, 15 private hospitals and 17 miscellaneous groups claimed damages for overcharges on the drug, which has been sold since 1953. Sales amounted to well over $100 million annually. The Justice Department charged that the capsules cost an average 1.60 to produce, but sold for as much as 510. Whatever the merits of the damage claims...
...influx of U.S. companies has been tapering off since last year, when American Cyanamid discovered it was simpler to raise money through a Delaware holding company, which does not have to withhold tax if 80% of its business is done outside the U.S. But European firms are more than taking up the slack. Germany's AEG, Thyssen, Siemens and Hoechst, for example, have moved in to escape the 25% withholding tax at home on interest paid to foreign holders of German bonds. The roster has grown to 32 companies, almost all in the big leagues...
Industrial companies have also learned to contribute generously to the cost of building new sculptures. Les Levine, whose transparent Star Garden was shown at Manhattan's Modern Museum this spring (TIME, May 5), built his work with $2,000 worth of plastics and labor donated by American Cyanamid. Businessman Don Lippincott is the angel behind the North Haven plant where Broken Obelisk was fabricated, invested $100,000 in it so that sculptors could produce works for civic groups and industry. U.S. Steel supplies Lippincott with its new Cor-Ten steel, which weathers to a russet brown, at a generous...
...American Cyanamid...