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$60 Million Avandia Settlement ReportedPhiladelphia, PA: Reports indicate that GlaxoSmithKline has agreed to pay approximately $60 million to settle the first wave of lawsuits regarding Avandia side effects. The lawsuits alleged that patients were not warned about side effects linked to Avandia, including an increased risk of heart attack and stroke. According to Bloomberg on 5/10/10, GlaxoSmithKline agreed to the settlement to end more than 700 Avandia lawsuits. The first Avandia trial in state court was set to begin in July. GlaxoSmithKline reportedly still faces almost 3,000 lawsuits regarding Avandia. Avandia was approved for sale in 1999 and generated revenue of $3 billion in 2006, including sales of a combination drug that includes Avandia. Sales of the diabetes medication fell off, however, after a 2007 study published in the New England Journal of Medicine linked Avandia to a 43 percent increased risk of heart attacks. The drug maker has not commented on the settlement. Bloomberg cited "people familiar with the accords" as its sources for announcing the settlement. Continued: http://www.lawyersandsettlements.co...bca_avandia-side-effects-heart-attack-21
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