GlaxoSmithKline reveals €2.6bn cost of settling diabetes drug claims

Pharmaceutical giant GlaxoSmithKline (GSK) today said the cost of settling legal disputes over controversial diabetes drug Avandia will hit a record €2.6bn.

GlaxoSmithKline (GSK) said the charge equates to an after-tax cost of €2.15bn and applies to the fourth quarter of 2010. The charge covers consumer lawsuits alleging the drug harms health, in particular that it increases the risk of heart attack.