Lilly To Take $495M Charge To Settle Zyprexa Suits

Law360, New York (January 11, 2007, 12:00 AM EST) -- Eli Lilly & Co. said Thursday that it will record charge of $495 million in the fourth quarter to settle product-liability claims related to the schizophrenia drug Zyprexa.

Lilly had previously said it would not disclose the terms of the settlement agreements other than to say that the total amount was “substantially less” than $700 million.

The news comes days after Lilly reached settlements in about 18,000 claims that the company didn’t properly disclose that patients taking Zyprexa were at risk to develop diabetes and other...
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