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Biotech / Medical : Biotech News
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From: Doc Bones3/26/2008 9:53:05 AM
   of 7143
 
Lilly Settles Alaska Zyprexa Case for $15 Million

Posted by Jacob Goldstein
March 26, 2008, 8:12 am

Eli Lilly has put its first statewide Zyprexa case behind it. The company said this morning that it agreed to pay the state of Alaska $15 million to settle the state’s allegations that the company had concealed the risks of its antipsychotic drug.

The settlement means the end of an Anchorage jury trial that people were watching as a bellwether, to get a read on how Lilly might fare in negotiations with other states and with the feds, which have leveled similar allegations.

The outcome looks pretty good for the company. Before the jury trial started, the WSJ reported that Lilly floated a settlement offer of about $2 million, while Alaska was looking for something closer to $200 million.

The settlement also includes what sounds like a bit of insurance for Alaska, just in case other states finish in the big money: an agreement “that will ensure that Alaska is treated as favorably as any other state that may settle with Lilly in the future over similar claims.”

Lilly didn’t admit wrongdoing in the case. “While we had a strong defense, we agreed with the State that the best result for everyone is an amicable resolution,” Robert A. Armitage, Lilly’s senior VP and general counsel said in a statement.

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