AstraZeneca Plc, the U.K.’s second- biggest drugmaker, agreed to pay about $55 million to settle around 5,500 lawsuits related to side effects of the antipsychotic Seroquel, people familiar with the accords said.
Earlier this year, pharmaceutical giant AstraZeneca announced it was ceasing drug-discovery research for psychiatric disorders such as depression and schizophrenia…”Basically, from a research perspective, we’re pulling out of the psychiatry space.”— neuroscientist Menelas Pangalos
AstraZeneca has agreed to settle Seroquel lawsuits filed by about 200 people who claim that the drug maker failed to adequately warn about the risk of diabetes and other side effects of their antipsychotic drug. The Seroquel settlements are reportedly the first payments AstraZeneca has made out of an estimated 26,000 claims that have been presented against the company.
AstraZeneca (AZN) says it has lost a crucial internal document that would explain how an ad for its antipsychotic Seroquel misleadingly claimed there was “no weight gain” with the drug and described its “favorable weight profile.” But the company admits it kept the six-year-old envelope that once allegedly contained the ad’s approval certificate, according to a ruling by the U.K.’s Prescription Medicines Code of Practice Authority.
U.S. Senator Charles Grassley asked 16 drugmakers, including Pfizer Inc., AstraZeneca Plc and Eli Lilly & Co., to reveal how they treat whistleblowers who file complaints under the False Claims Act. Grassley, an Iowa Republican, sent letters June 28 that posed eight questions such as how companies notify employees of the law, how they treat whistleblowers and what changes they have made in response to a 2009 law extending anti-retaliation protections.