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MELVILLE, N.Y. - OSI Pharmaceuticals Inc. said Friday it expects to pay $500,000 to settle a class-action lawsuit related to its Tarceva lung-cancer drug.
| OSIP | 37.55 |  -2.26 |
OSI's full preliminary settlement amount is $9 million, but its insurer is covering the remainder of the amount. Terms of the settlement are subject to court approval.
The pharmaceutical company said it does not expect the settlement to have an impact on 2008 results.
The settlement stems from a lawsuit filed in December 2004 alleging that OSI had made false and misleading statements about Tarceva's potential to increase survival from lung cancer. Under terms of the agreement, the lawsuit will be dismissed with prejudice and without OSI or its executives admitting any liability.
OSI shares fell 14 cents to close at $37.51.
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