Merck faces threat of Â£10bn actions
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Merck, the beleaguered US pharmaceuticals group, could be forced to pay out as much as $18bn (Â£9.7bn) over 10 years as a result of lawsuits linked to Vioxx, its controversial arthritis drug.
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Supermarkets could face multi-million pound fines.
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The recall of Vioxx--an arthritis treatment taken by millions of people--is a disaster for everyone. Of course it&#39;s bad news for Merck (nyse: MRK - news - people), the drug&#39;s maker.
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A Wall Street analysis suggests the Vioxx recall may cost the pharmaceutical firm Merck as much as $18 billion over the next decade.
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Drugs giant Merck and Co. shares plunged nearly 10 percent as the Wall Street Journal said the firm had fought for years to minimize the risks in its blockbuster pain drug Vioxx.
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Business & money: Insurer Resolution is under pressure to seek talks on a Â£35bn bid from rival Pearl Group.
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The government is questioning if too many of the wrong people will take cholesterol-lowering Mevacor if it's sold without a prescription, days before Merck & Co. makes its third try to move the drug over the counter.
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Pharmaceutical giant Merck &amp; Co. , under siege because of lost revenues from its recalled blockbuster arthritis drug Vioxx, will cut about 5,100 jobs by year's end, 700 more than originally planned, and will slash hundreds of millions of dollars in spending, chairman and chief executive Raymond V. Gilmartin said yesterday.
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Business & money: Wall Street's biggest investment banks facing at least $10bn (Â£5.1bn) of fresh write-downs
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The anti-industry crusader targets pharmaceuticals.
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Shares in US drug maker Merck tumbled nearly 10% on Monday after a press report suggesting the firm may have ignored problems with one of its drugs.
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NEW YORK -- Already wounded by the withdrawal of its Vioxx pain reliever from the market, Merck &amp; Co. must now contend with hundreds of lawsuits over the drug's side effects -- lawsuits that threaten to further damage the company's finances and reputation.
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Standard &amp; Poor&#39;s on Monday said it may cut its ratings on Merck &amp; Co Inc.(MRK.N: Quote, Profile, Research) , citing increasing concern about possible litigation relating to Merck&#39;s arthritis drug Vioxx.
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The share price of US drugs giant Merck falls to an eight-year low after it announces that it has been forced to withdraw a key drug on side effect fears.
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Merck can&#39;t expect any immediate relief from the medicine that was supposed to replace Vioxx, the pain medication it took off the market.
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Merck KGaA's U S generic-drug unit was accused by the Department of Justice yesterday of overcharging government health-insurance programs for medicines.
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Drugs giant Merck &amp; Co. which pulled its blockbuster painkiller Vioxx from shelves in September, is about to become the target of hundreds of plaintiffs&#39; lawyers, the New York Times reported on Friday.