Medindia
Advertisement

Top Drug Company Agrees to $2.4 Billion Settlement for Diabetes Drug Suits

by Julia Samuel on April 29, 2015 at 3:32 PM
Font : A-A+

Top Drug Company Agrees to $2.4 Billion Settlement for Diabetes Drug Suits

Takeda Pharmaceutical, the top Japanese drug maker, agreed to pay around $2.4 billion to settle lawsuits which raised claims over Actos diabetes drug to have risk of cancer.

The agreement would resolve lawsuits representing some 8,000 people who used the treatment for type 2 diabetes beginning in the late 1990s and claimed the company did not warn them that it increases the risks of cancer.

Advertisement

Takeda said that it agreed to pay out $2.37 billion if 95% of the litigants agree to the deal, rising to $2.4 billion if the number rises to 97% or more. It believes the claims of the litigants "are without merit and does not admit liability."

"Takeda believes the company acted responsibly with regard to Actos and that Actos has a positive benefit/risk profile for the treatment of type 2 diabetes," it said.
Advertisement

Takeda said the settlement does not change its continued commitment to Actos, or pioglitazone hydrochloride. Actos continues to be available as a treatment option in the US, Japan and other countries.

Last year a federal jury in Louisiana ordered Takeda and US-based Eli Lilly & Co to pay a combined $9 billion in punitive damages to a patient who said Actos had caused his bladder cancer. A judge later slashed the payout to $36.8 million.

Eli Lilly was Takeda's US marketing and sales partner until 2006, with the US firm keeping the rights to sell Actos in parts of Asia and Europe, as well as in Canada and Mexico. Takeda said it was taking a $2.7 billion charge in its fourth quarter earnings to cover the settlement and related costs.

"The settlement will reduce financial uncertainties for the company and provides a significant degree of assurance toward resolving a high percentage of the Actos product liability claims," it said.

Source: Medindia
Advertisement

Advertisement
News A-Z
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
News Category
What's New on Medindia
Sedentary Behavior Precipitates Night-Time Hot Flashes
Gonorrhea
World Alzheimer's Day 2021 - 'Know Dementia, Know Alzheimer's
View all

Medindia Newsletters Subscribe to our Free Newsletters!
Terms & Conditions and Privacy Policy.

More News on:
Diabetic Retinopathy Drug Toxicity Diabetes Diabetic Diet Diabetes - Essentials Diabetes - Self-Monitoring of Blood Glucose (SMBG) Insulin Delivery Devices Diabetes and Exercise Signature Drug Toxicity Stress Relief Through Alternative Medicine 

Recommended Reading
Diabetes
A comprehensive article on diabetes - both Type 1 and Type 2 diabetes, including : causes, signs, .....
Type 2 Diabetes
Globalization and changing lifestyles has made diabetes very common in developing countries so much ...
Diabetes, High Blood Pressure in Middle Age Damage Your Brain and Cognition
Midlife onset of diabetes and high blood pressure leads to brain atrophy and cognitive decline, ......
Test Your Blood Sugar, Deliver Results Wirelessly to a Smartphone Using TRUE METRIX
The TRUE METRIX glucometer uses the triple sense technology, which corrects measurements for the ......
Diabetes - Essentials
Diabetes is a metabolic disease caused by insulin deficiency that leads to high blood sugar levels a...
Diabetes - Self-Monitoring of Blood Glucose (SMBG)
Self-Monitoring Of Blood Glucose (SMBG) is one of the greatest advancements in the management of Di...
Diabetes and Exercise
Regular exercise especially in type II diabetes not only helps reduce the sugar but also reduces the...
Diabetic Diet
The diabetic diet most often recommended is high in dietary fiber (especially soluble fiber) and nut...
Diabetic Retinopathy
The term ‘diabetic retinopathy’ refers to changes in the retina which often occur in people with ......
Drug Toxicity
Drug toxicity is an adverse reaction of the body towards a drug that results as a side effect of a d...
Insulin Delivery Devices
Insulin delivery devices have evolved drastically since their invention in 1922. They are all aimed ...

Disclaimer - All information and content on this site are for information and educational purposes only. The information should not be used for either diagnosis or treatment or both for any health related problem or disease. Always seek the advice of a qualified physician for medical diagnosis and treatment. Full Disclaimer

© All Rights Reserved 1997 - 2021

This site uses cookies to deliver our services. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use