AstraZeneca To Pay $198M To End Seroquel Suits

By Leigh Kamping-Carder (August 10, 2010, 3:42 PM EDT) -- AstraZeneca Pharmaceuticals LP has confirmed it will pay out $198 million to thousands of plaintiffs who sued the company over complications allegedly associated with the antipsychotic Seroquel.

The British drug company said Monday that to date it had settled 17,500 Seroquel-related product liability claims with U.S. plaintiffs, following court-ordered mediation.

The announcement, which suggests an average settlement of roughly $11,300, is the first official indication of how much AstraZeneca intends to pay to put the product liability claims to rest. The company said the payments would not affect earnings per share.

AstraZeneca reached at least 4,000 of the conditional monetary agreements...

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