June 06, 2003 - Glaxo compensates Otsuka for abandoning antibiotic
GlaxoSmithKline Plc has agreed to compensate Japan's Otsuka Pharmaceutical Co Ltd for withdrawing an antibiotic from the market five years ago. Raxar, known generically as grepafloxacin, was developed by Otsuka and marketed by Glaxo under license. It was withdrawn voluntarily from more than 30 countries in 1999 after heart-rhythm abnormalities were observed in some patients in clinical trials. No financial details of the compensation payment were disclosed but Glaxo said it had already made provisions for the litigation with Otsuka.
Raxar was launched in December 1997 but was never a big success, racking up global sales of just $18.45 million in 1998.
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