Merck & Co to pay $688 million to settle investor law suits; Teva could face $2.1 billion damages
US pharma giant Merck & Co (NYSE: MRK) said yesterday that it has reached an agreement in principle with plaintiffs to resolve two federal securities class-action law suits, agreeing to pay $688 million over disclosures concerning a 2008 drug study dubbed EHNACE (Effect of Combination Ezetimibe and High-Dose Simvastatin vs Simvastatin Alone on the Atherosclerotic Process in Patients with Heterozygous Familial Hypercholesterolemia) evaluating Vytorin and Zetia.
Under the proposed agreement, which will have no impact on Merck’s 2013 results of operations, the company will pay $215 million to resolve the securities class action against all of the Merck defendants and $473 million to resolve the securities class action against all of the Schering-Plough (acquired by Merck in 2009) defendants.
$493 million charge taken in fourth quarter
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