Avandia has been surrounded with controversy ever since the drug was linked with an increased risk of heart attack by cardiologists – a finding which has always been detested by GSK.
The legal bills faced by the pharmaceutical company cover consumer lawsuits and having “continued to receive new product liability cases regarding Avandia in the US”.
The Senior Vice President of GSK’s global litigation team stated, “We recognise that this is a significant charge, but we believe the approach we are taking to resolve long-standing legal matters is in the company’s best interests. We have closed out a number of major cases over the last year and we remain determined to do all we can to reduce our litigation risk.”
As a result of the announcement, the pharmaceutical company’s shares have declined 20p to £12.05.
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