|By PR Newswire||
|April 8, 2014 09:17 AM EDT||
INDIANAPOLIS, April 8, 2014 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) issued the following statement today in response to the verdict in the case of Terrence Allen, et al. v. Takeda Pharmaceuticals North America, Inc., et al. No. 6:12-cv-00064. The jury found in favor of the plaintiffs and awarded $1.475 million in compensatory damages. The allocation of liability was 75% Takeda and 25% Lilly. The jury also awarded $6 billion in punitive damages from Takeda and $3 billion from co-defendant, Lilly.
"While we have empathy for the plaintiff, we believe the evidence did not support his claims," said Mike Harrington, Senior Vice President and General Counsel. "Lilly disagrees with the verdict and we intend to vigorously challenge this outcome through all available legal means."
Judgments were entered in Takeda's favor in all three previous Actos trials. Lilly was not named previously. This is the first federal case to be tried and the first in the consolidated Actos multidistrict litigation (MDL). Lilly copromoted Actos with Takeda from 1999 to 2006.
Under Lilly's agreement with Takeda, Lilly will be indemnified by Takeda for its losses and expenses with respect to the U.S. litigation and other related expenses in accordance with the terms of its indemnification agreement.
About Eli Lilly and Company
Lilly is a global healthcare leader that unites caring with discovery to make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com and http://newsroom.lilly.com/social-channels.
This press release contains forward-looking statements relating to Actos product liability litigation. There can be no guarantees of the outcome of the litigation or the related indemnification agreement. For these and other risks affecting the company, please see the company's most recent report on Form 10-K filed with the U.S. Securities and Exchange Commission. Except as required by law, Lilly undertakes no duty to update forward-looking statements.
Refer to: Kelley Murphy, 317-701-4007
SOURCE Eli Lilly and Company
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