Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Merck & Co., Inc.    MRK   US58933Y1055

MERCK & CO., INC. (MRK)

105
SummaryQuotesChart AnalysisNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 

Merck & Co., Inc. : Merck To Pay $321.6 Million Fine For Illegal Marketing Of Vioxx

04/19/2012 | 01:50pm US/Eastern
Recommend:
0

A U.S. district court judge in Boston ordered Merck & Co. (MRK) to pay a $321.6 million criminal fine for its violation of a federal drug law in connection with its marketing of the former painkiller Vioxx.

In December, Merck pleaded guilty to violating the Federal Food, Drug, and Cosmetic Act for introducing a misbranded drug into interstate commerce. The company said it previously recorded a $950 million charge in October 2010 in anticipation of the settlement, which resolves a seven-year investigation.

Merck withdrew Vioxx from the market in 2004 after it was linked to a higher risk of heart attacks and strokes.

"The government recognized Merck's full cooperation with its investigation and by putting this long-standing investigation to rest, we can more fully focus on discovering, developing and providing innovative medicines and vaccines that save and improve lives around the world," Merck said in a statement.

In November, Merck had agreed to pay $950 million and plead guilty to a misdemeanor charge of marketing a misbranded drug, to resolve government allegations that the company illegally promoted Vioxx and deceived the government about the drug's safety. The government alleged that Merck promoted Vioxx for treatment of rheumatoid arthritis before that use was approved by regulators. A portion of the $950 million settlement also was to resolve parallel civil allegations that Merck made false and misleading statements about Vioxx's safety, causing government health programs to pay for the drug's use. Merck denied the civil allegations.

Shares were off 14 cents to $38.26 in recent trading. The stock is up 1.5% since the start of the year.

-By Nathalie Tadena, Dow Jones Newswires; 212-416-3287; nathalie.tadena@dowjones.com

Recommend :
0
React to this article
Latest news on MERCK & CO., INC.
2d ago MERCK : FDA Approves Merck’s RAGWITEK™ (Short Ragweed Pollen Allerge..
2d ago MERCK : FDA OKs Merck tablet to reduce ragweed allergies
2d agoDJEuropean Regulator Warns of More Drug Tampering
2d ago MERCK : Study Findings from Merck & Company Provide New Insights into Connective..
3d ago MERCK : Findings from Merck & Company in the Area of Adenosine Therapy Described
3d ago Reckitt leans towards pharmaceuticals spin-off
4d ago Cargill expects flour merger with ConAgra to be finalized in 6-8 weeks
5d ago MERCK : FDA Approves Merck’s GRASTEK® (Timothy Grass Pollen Allergen Extra..
04/11 MERCK : Investigational Chronic Hepatitis C Combination Therapy MK-5172/MK-8742 ..
04/10 DOW MOVERS : Cvx, ibm
Advertisement
Chart
Duration : Period :
Merck & Co., Inc. Technical Analysis Chart | MRK | US58933Y1055 | 4-Traders
Income Statement Evolution
Merck _ Co., Inc. : Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF