OSI Pharmaceuticals Inc. has settled a class action lawsuit related to its Tarceva lung-cancer drug for $9 million, with its insurer covering all but $500,000 of the amount. The settlement, which is subject to court approval, involves a lawsuit filed in December of 2004, alleging that OSI had made false and misleading statements about Tarceva’s potential to increase survival from lung cancer. Under terms of the agreement, the lawsuit will be dismissed with prejudice without OSI or its executives admitting any liability.
Source: Houston Chronicle and Associated Press
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