Vioxx Legal Costs For Merck Estimated At $7.7 Billion
Merck & Co. Inc. said Friday that it set aside $950 million to resolve a criminal probe into the Vioxx painkiller it withdrew six years ago, potentially raising legal costs to $7.7 billion and driving down shares for the day. Merck, the second-biggest U.S. drugmaker, with major operations in the Philadelphia region, pulled Vioxx from the market in 2004 after a study showed it doubled the risk of heart attacks and strokes. The company previously paid $4.85 billion to settle thousands of lawsuits claiming injuries and $1.9 billion for legal costs. The new legal reserve will cover an “anticipated resolution” of a probe by U.S. prosecutors into research and marketing of Vioxx. Merck previously disclosed that federal prosecutors in Boston had identified the company in March 2009 as a target of a grand jury investigation and that witnesses had been called in the probe. It also said that certain cities in Europe were weighing whether to bring criminal charges.
Tom Randall & David Voreacos, The Philadelphia Inquirer
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