Monday, August 09, 2010

AstraZeneca Reaches $198M Settlement Over Seroquel Claims -

LONDON (Dow Jones)--U.K. pharmaceutical group AstraZeneca PLC (AZN.LN) Monday said it has reached a settlement for approximately $198 million regarding 17,500 product liability claims over its antipsychotic drug Seroquel in the U.S.
The group said it continues to participate in the mediation process over claims in both federal and state jurisdictions. It also said that, as of June 29, approximately 2,900 additional claims have been dismissed by order or agreement.
The company said its core earnings per share guidance for 2010 remains unchanged at a range of $6.35 to $6.65.
The claims relate to allegations the company improperly promoted the drug, which is approved to treat schizophrenia, bipolar disorder and depression.
Here's the press release:

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