AstraZeneca Settles Seroquel Marketing Suit for $68.5M

AstraZeneca (NYSE:AZN) will pay $68.5 million to 37 states and the District of Columbia in a settlement over the British drugmaker's deceptive marketing of its anti-psychotic drug Seroquel. The settlement is the largest multi-state, consumer protection pharmaceutical settlement of record, reports Reuters. Regulators accused the company of unfair and misleading marketing of the drug for unapproved uses. While physicians can prescribe medication for other uses, companies are not allowed to market drugs beyond approved uses. The company promoted Seroquel, which was only approved for schizophrenia and bipolar disorder, for dementia, depression and anxiety as well. The accusation also states AstraZeneca failed to fully disclose of potential side effects and the negative results of a scientific study about the drug's safety and effectiveness. Seroquel had worldwide 2010 sales of $5.3 billion. Paula Dow, attorney general of New Jersey, said, "This case sends a message that we take seriously the duty pharmaceutical companies have to supply clear, accurate and complete information about their products to health care providers, and to market their products without deception or misleading claims." Tony Jewell, a company spokesman, said of the settlement, "While we deny the allegations, AstraZeneca believes it is important to bring these matters to a close and move forward with our business of providing medicines to patients."