Eli Lilly (LLY) Resolves Multi-State Investigation Into Zyprexa
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Eli Lilly and Company (NYSE: LLY) has resolved a multi-state investigation involving 32 states and the District of Columbia (DC) related to the sales, marketing and promotion of its antipsychotic medication Zyprexa® (olanzapine).
While there is no finding that Lilly has violated any provision of the state laws under which the investigations were conducted, the company will pay $62 million to be divided among the settling states. This payment will result in a charge in the third quarter of $.04 per share. In addition, Lilly will undertake certain commitments regarding Zyprexa for a period of six years following the agreement via consent decrees filed in the various states. These commitments relate to the company's promotional practices, dissemination of medical information, funding of continuing medical education (CME) and grants related to Zyprexa, and continued disclosure of Zyprexa clinical trials and their results. Lilly would also agree to provide signatory attorneys general with information related to compensation made to healthcare professionals who have received more than $100 annually from the company for promotional speaking or consulting regarding Zyprexa in the U.S.
Eli Lilly and Company discovers, develops, manufactures and sells products in one business segment, pharmaceutical products. [SM]
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