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07 February 2011

GlaxoSmithKline settles 5500 Avandia lawsuits for $250 million: report

According to sources close to the matter, GlaxoSmithKline agreed to pay more than $250 million to settle approximately 5500 lawsuits that claimed that Avandia (rosiglitazone) increased the risk of heart attack in some patients, Bloomberg reported Monday. The two people noted that the company settled the lawsuits, which included the first case scheduled to go to trial last week, for an average of at least $46,000 each.
UBS analyst Gbola Amusa remarked that "an average of $46,000 per case is a modest price to pay in the grand scheme of things," adding that "if Avandia definitively had caused heart attacks, GlaxoSmithKline would have been forced to pay" as much as $1 million per case. Last year, the drugmaker reached a deal to pay around $460 million to resolve around 10 000 suits alleging it failed to properly warn doctors and consumers about Avandia's risks.
The most recently settled cases included more than 1600 suits consolidated in Philadelphia, as well as some that haven’t yet been filed under an agreement with GlaxoSmithKline, the two sources said. Prior to the latest settlements, the company was reportedly facing about 2000 Avandia suits.
Last month, GlaxoSmithKline indicated it was taking a charge of 2.2 billion pounds ($3.5 billion) to include settling product liability cases related to Avandia, bringing the company's legal reserve set aside in the past year for the drug to $6.4 billion. Sales of the diabetes treatment fell 43 percent last year to $710 million following decisions from European regulators to withdraw the product and from the FDA to place restrictions its use in the US.

Reference Articles
Glaxo said to pay $250 million to settle Avandia death lawsuits - (Bloomberg)

**Published in "First Word"

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