Bristol-Myers Squibb (BMY) and three US-based units of Sanofi (SNY) have reached a settlement for $700 million with the state of Hawaii to resolve a civil case over antiplatelet drug Plavix, Hawaii Governor Josh Green and Attorney General Anne Lopez announced Friday.

The settlement agreement divides the amount equally between the two companies, with payment expected through wire transfer by June 9, the Governor's Office said.

The lawsuit accused the two companies of misleading the public about the safety and efficacy of Plavix in violation of Hawaii's Unfair or Deceptive Acts or Practices law.

In a statement to MT Newswires, Sanofi said Plavix continues to be "endorsed as a first-line therapy by leading treatment guidelines" globally.

"[Bristol-Myers Squibb] and Sanofi are pleased to resolve this litigation, and to continue their companies' focus on discovering, developing, and delivering innovative medicines to patients," a Sanofi spokesperson said.

Bristol-Myers Squibb did not immediately reply to a request for comment from MT Newswires.