HONOLULU, Hawaii: Pharmaceutical giants Bristol Myers Squibb and Sanofi have agreed to pay $700 million to Hawaii to settle a lawsuit over the efficacy and labeling of the blood thinner Plavix, the state attorney general's office announced late last week.

The settlement follows a court ruling last year ordering the companies to pay $916 million after a judge found they failed to update Plavix labels to reflect that approximately 30% of patients — particularly non-Caucasians — might have a "diminished response" to the drug, Attorney General Anne Lopez said.

Before an appeal was decided, the parties settled for the lower amount. The payment will be equally split between Bristol Myers Squibb and Sanofi and is due by June 9 via wire transfer, the attorney general's office said.

In a joint statement, the companies said they were "pleased to resolve this litigation" and emphasized Plavix's long-standing role in cardiovascular treatment. "Plavix has helped millions of people with cardiovascular disease around the world for nearly 30 years, and it continues to be endorsed as a first-line therapy by leading treatment guidelines across the globe," the statement said.

Hawaii Gov. Josh Green hailed the settlement as a "landmark settlement" and a "major victory" for the state, emphasizing that it holds pharmaceutical companies accountable for ensuring the safety and transparency of their drugs.

Neither Bristol Myers Squibb nor Sanofi has admitted wrongdoing as part of the settlement.