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Eli Lilly Settles Over Zyprexa and Will Take Related Charge

Reuters
Thursday, 4 Jan 2007 | 9:36 AM ET

Eli Lilly said it entered into settlement agreements with 14 groups involved in Zyprexa liability suits and will take a fourth-quarter charge of up to $500 million related to the litigation.

The settlements resolve the vast majority of remaining product liability claims against Lilly relating to the medication, which is indicated in the United States for the short- and long-term treatment of schizophrenia, acute mixed and manic episodes of bipolar I disorder and maintenance treatment of bipolar disorder.

These settlement agreements follow a master settlement agreement Lilly entered in June 2005 that covered some 8,000 claimants in the United States, as well as additional settlements of about 2,500 claims.

Lilly said it will continue to vigorously defend Zyprexa in remaining product liability cases, third-party payer and state cases.

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