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Pfizer To Pay Record $2.3b Settlement

Wed, 09/02/2009 - 4:21am

WASHINGTON (AP) — People familiar with a record legal settlement to be announced Wednesday say that Pfizer Inc., the world's largest drugmaker, will pay $2.3 billion in connection with illegal drug promotions.

The U.S. Justice Department plans a news conference later in the day to announce the terms of the deal. The people discussed the announcement on condition of anonymity because the court filings in the case were still under seal.

In financial filings made in January, the company indicated it would pay $2.3 billion over allegations it had marketed the pain reliever Bextra and possibly other products for medical conditions different than their approved use.

Justice Department officials declined to comment.

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