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Eli Lilly to settle Zyprexa suits

June 14, 2005
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U.S. drug maker Eli Lilly and Co. said Thursday, June 9 it reached an agreement to settle for as much as $690 million about 75 percent of lawsuits involving its Zyprexa schizophrenia drug, Reuters reports. The Indianapolis, Indiana-based company said it will record a pretax charge of at least $700 million in its second quarter to settle claims that it did not warn consumers that the drug could cause diabetes-like symptoms. Most of the suits against Lilly claimed that before September 2003, the drug maker did not adequately display warnings about the possible side-effects. The company said information on the medication label had listed the risk of high blood sugar and diabetes as a possible side-effect since 1996. According to the agreement, Lilly will establish a fund not to exceed $690 million for plaintiffs who agree to settle their claims. The company, which said it believes all of the claims are without merit, said it plans to continue its vigorous defense of Zyprexa in the remaining cases. Lilly said the exact number of claimants covered by the settlement was unknown but estimated at about 8,000, or 75 percent, of outstanding claims. The claims against the company are both state and federal lawsuits.

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