GSK: Feds, states launch Avandia probes
The Avandia mess weighed on GlaxoSmithKline's third-quarter earnings, that's now a matter of record.
The Avandia mess weighed on GlaxoSmithKline's third-quarter earnings, that's now a matter of record. But it's not over yet; also now a matter of record are the subpoenas GSK has received from the Department of Justice. Several U.S. states are also considering suing the company, and new claims from patients hit the courts regularly.
Avandia, the once-top-selling diabetes drug, has been plagued by safety concerns since 2007. After several years of weighing data and more data, regulators in Europe chose to pull the drug off the market completely, while FDA put severe restrictions on its use. The company won't market the drug anymore, either. GSK wrote off supplies of the drug--$233 million worth--because they'll never see the light of day.
Justice's subpoena involves GSK's development and marketing of Avandia, the company says; as the Wall Street Journal notes, it's unclear whether the probe is criminal or civil. No doubt the feds will be looking into allegations th
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