Lilly nears $1.4B Zyprexa agreement, report says

By: The Associated Press
By: The Associated Press

Eli Lilly and Co. reportedly is close to a $1.4 billion settlement related to a government investigation into the marketing of its top seller Zyprexa (zy-PREX'-uh). The New York Times reports on its Web site that an agreement could be reached as soon as tomorrow.

Lilly spokeswoman Marni Lemons says she can only say the Indianapolis drug-maker is involved in "advanced discussions" with the U.S. Attorney's Office for the Eastern District of Pennsylvania to resolve the investigation. Lemons said the same thing in October, when Lilly announced it would take a $1.4 billion charge in the third quarter related to the investigation.

Lilly wound up with a third-quarter loss of $465.6 million, or 43 cents per share, due to the charge. That was Lilly's first quarterly loss since 2005.

Zyprexa has been Lilly's top-selling drug for years. But the Times reported in late 2006 that confidential documents show Lilly downplayed the drug's risks and marketed it for unapproved uses.

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