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AstraZeneca is facing as many as 26,000 lawsuits over its antipsychotic drug Seroquel as the drugmaker prepares for its first jury trial over claims the medicine causes diabetes, according to court filings.
26,000 Claims over AstraZeneca's Seroquel & links to Diabetes
Seeded on Wed Feb 3, 2010 4:25 PM EST
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AstraZeneca’s stock fell last week after the drugmaker’s sales forecast and stock-buyback plan disappointed some analysts and fourth-quarter profit missed estimates. The company plans to buy back as much as $1 billion of shares this year, officials said Jan. 28.
The company said in a U.S. Securities and Exchange Commission filing last week it faces more than 25,000 claims that Seroquel caused diabetes. That’s a 65 percent increase in cases over the number the company reported in a January 2009 regulatory filing. Many of the suits also claim AstraZeneca promoted Seroquel, approved for schizophrenic and bipolar patients, for unapproved uses.
"Seroquel, which generated sales of $4.9 billion last year, is AstraZeneca’s second-biggest seller after the ulcer treatment Nexium."
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