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GSK To Pay £2.2B Legal Bill For Avandia Suits

Law360 (January 18, 2011, 3:40 PM EST) -- GlaxoSmithKline PLC will pay £2.2 billion ($3.4 billion) in legal charges for the fourth quarter of 2010 due to a slew of new product liability lawsuits brought against the pharmaceutical giant in the U.S. over the diabetes drug Avandia.

The cost of the legal fees, which GSK announced Monday, will come to £1.8 billion after tax deductions — expected to negate the company's profits for the most recent quarter.

The company will release fourth quarter financial results Feb. 3.

PD Villareal, GSK's senior vice president for...
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