Eli and Lilly Company stock moved little Friday after Thursday night's announcement of a whopping $690 million Zyprexa settlement. Plaintiff lawyers and Eli Lilly and Co. late on June 9 announced an agreement in principle to settle a majority of Zyprexa claims for $690 million.
While the Zyprexa cases were consolidated in the U.S. District Court for the Eastern District of New York, the Zyprexa settlement will encompass some state and federal claims across the country.
The Zyprexa lawsuit involved nearly 8,000 patients. A majority of them reported diabetic complications after taking the anti-psychotic medication.
A plaintiff's negotiator on Friday said it's a win for all patients because Lilly added a warning to the Zyprexa product label.
According to plaintiffs counsel, Mr. Seeger, "There were doctors that we know of that were prescribing the drug for mood swings and depression and for people who didn't sleep well at night. We had people who had developed diabetic comas, some died, some recovered."
Eli Lilly maintains its top selling drug is safe for patients with bi-polar disorder and schizophrenia.
The company wants to increase its education efforts to doctors to select the right patient population.
Plaintiffs can opt into the Zyprexa settlement or continue to pursue their claims in federal or state court. It is expected that this deal will settle at least 75 percent of the current Zyprexa claims.
