INDIANAPOLIS, Oct. 27, 2014 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) issued the following statement today in response to a judge's ruling that the punitive damages awarded in the case of Terrence Allen, et al. v. Takeda Pharmaceuticals North America, Inc., et al, No. 6:12-cv-00064 be reduced. The judge in the Louisiana multidistrict litigation trial reduced the punitive damages from $3 billion for Lilly and $6 billion for Takeda to $9.2 million for Lilly and $27.6 million for Takeda.
Plaintiffs also were awarded $1.27 million in compensatory damages. The allocation of liability was 75 percent Takeda, 25 percent 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. "We will continue working vigorously to overturn the verdict."
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, @LillyHealth on Twitter and newsroom.lilly.com/social-channels.
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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.
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Refer to: Candace Johnson, +1-317-755-9143, [email protected]
SOURCE Eli Lilly and Company