AstraZeneca Agrees To Settle 17,500 Seroquel Cases For $198 Million

AstraZeneca Agrees To Settle 17,500 Seroquel Cases For $198 Million

WILMINGTON, Del. — AstraZeneca announced Aug. 9 that it has reached agreements in principle to settle about 17,500 Seroquel claims in the United States for about $198 million.

“The specific terms of the agreements, which are the result of court-ordered mediation, are confidential,” the company said in a press release.  “AstraZeneca continues to participate in the mediation process covering claims in both federal and state jurisdictions.”

AstraZeneca said the agreements in principle are for monetary terms and are subject to agreement on nonmonetary terms.

AstraZeneca said that as of June 30, it had made no financial provision for any settlements.  The company said its 2009 legal defense costs for Seroquel litigation were $656 million, up from $512 million in 2008.

As of Dec. 4, 2009, AstraZeneca told investors that it had been served with 10,399 lawsuits representing 22,099 plaintiff groups.  It said about 60 percent of the cases were in state courts, mostly Delaware, New Jersey, New York and California.

[Editor's Note:  Full coverage will be in the Aug. 19 issue of Mealey’s Emerging Drugs & Devices.  For all of your legal news needs, please visit www.lexisnexis.com/mealeys.]

For more information, call editor Tom Moylan at 610-205-1120, or e-mail him at tom.moylan@lexisnexis.com.