Personal Injury Law

Pfizer Pays $750 Million To Resolve Rezulin Cases

By Chrissie Cole

Pharmaceutical giant, Pfizer has paid $750 million to resolve about 35,000 claims over its withdrawn diabetes drug Rezulin. About 21 percent less than what the company set aside for the cases, said sources familiar with the litigation.

Pfizer, which is acquiring rival Wyeth for nearly $64 million, paid about $500 million to settle consolidated Rezulin cases in federal court in New York, according to court filings. The company also paid about $250 million to resolve state-court suits, two sources familiar with the cases said.

The company has resolved all but three cases through dismissals or settlements, according to a transcript of a January 15 hearing in New York.

The drug, which is taken by hundreds of thousands of diabetics to help regulate insulin levels, was withdrawn in 2000 after it was linked to 63 or more deaths from liver damage. The drug was acquired by Pfizer when it bought Warner-Lambert Co. in May 2000.

'The multidistrict litigation has been successfully completed. A handful of state cases remain, but we anticipate those will be dismissed,' said a Pfizer spokesman. 'We are pleased that we are able to achieve resolution within our reserve.'

Full post as published by InjuryBoard on April 02, 2009 (boomark / email).