GlaxoSmithKline may have to pay up to $1 billion to settle lawsuits over its Type 2 diabetes drug Avandia, according to an article from the Financial Times.
Several lawsuits and studies claim the drug increases the risk of heart attack. The company is currently on the verge of settling out of court with a group of 700 plaintiffs for about $60 million. The company has not disclosed the number of lawsuits it is facing over the drug.
Analysts have estimated a settlement of $86,000 per plaintiff on about 13,000 claims. That works out to $1.1 billion. Previous estimates have put the potential cost for GSK at as much as $6 billion.
To receive free news updates from Diabetes News Hound delivered straight to your Inbox, sign up here.
If you already receive the free Alerts, spread the word by telling a friend to sign up here.
