Glaxo to pay $3bn to settle with US government

Drugs giant GlaxoSmithKline is set to pay $3bn to get the US government off its back over the the company's sales and market practices in the past.

The final settlement, which is expected to address civil and criminal liabilities, remains subject to negotiation of specific terms and should be finalised in 2012.

"This is a significant step toward resolving difficult, long-standing matters which do not reflect the company that we are today," said Glaxo's chief executive officer, Andrew Witty.

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"In recent years, we have fundamentally changed our procedures for compliance, marketing and selling in the US to ensure that we operate with high standards of integrity and that we conduct our business openly and transparently. We reiterate our full commitment to ensuring appropriate promotion of our medicines to healthcare professionals and to the standards rightly expected by the US government," Witty maintained.

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