Pfizer Agrees to $164 Million to Settle Celebrex Lawsuit
Reuters reports that Pfizer Inc will pay $164 million to settle a shareholder class action suit that claimed that the company misrepresented the clinical trial results for Celebrex. Christopher Loder, a spokesman for Pfizer, said that the company continues to deny any wrongdoing. The article notes that in 2002 Pfizer bought Pharmacia Corporation, which manufactured Celebrex. Shareholders sued Pfizer and former officers of Pharmacia over claims that they misrepresented the clinical trial results of Celebrex in an effort to make its safety profile seem better than rival medication.