Glaxo Settles Avandia Lawsuits For $460 Mln -Bloomberg

13th Jul 2010 17:05

DOW JONES NEWSWIRES GlaxoSmithKline PLC (GSK, GSK.LN) has agreed to pay $460 million to settle most of the lawsuits connected to its Avandia diabetes drug, Bloomberg News reported Tuesday on its website, citing people familiar with the case. The settlements cover about 10,000 of the lawsuits facing the drug maker, and represents an average payout of at least $46,000 for each lawsuit. The company faces about 13,000 such lawsuits, according to UBS AG. A Glaxo spokeswoman declined comment. Full story at: www.bloomberg.com/news/2010-07-13/glaxosmithkline-is-said-to-pay-460-million-to-settle-avandia-damage-suits.html -Dow Jones Newswires; 212-416-2900 (END) Dow Jones Newswires July 13, 2010 12:05 ET (16:05 GMT)

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