Wow is this ugly!
Posts Tagged ‘justice’
Pfizer To Pay $2.3B To Settle Case On Drug Marketing – DOJ
* SEPTEMBER 2, 2009, 10:43 A.M. ET – By Brent Kendall Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)–Pfizer Inc. (PFE) has agreed to pay $2.3 billion to settle charges that it illegally marketed the pain drug Bextra and three other medicines for uses that weren’t approved by the Food and Drug Administration, the U.S. Justice Department announced Wednesday.
The Justice Department said the agreement was the largest health-care fraud settlement in the department’s history.
The department said that, as part of the settlement, Pfizer subsidiary Pharmacia & Upjohn Co. agreed to plead guilty to a felony violation for misbranding Bextra.
The department said Pfizer promoted Bextra for several uses and dosages that the FDA specifically declined to approve because of safety concerns.
Pfizer also improperly promoted the anti-psychotic drug Geodon, the antibiotic drug Zyvox and the anti-epileptic drug Lyrica, the department said.
The department said Pfizer will pay $1.3 billion in criminal fines and another $1 billion in civil fines.
Pfizer alerted investors in January that a settlement was near, saying in an earnings release that it took a $2.3 billion charge in the fourth quarter of 2008 to cover the cost of the settlement. That announcement came the same day the New York drug maker said it was acquiring New Jersey-based Wyeth in a $68 billion deal.