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GSK/Otsuka settle Raxar dispute

Executive Summary

GlaxoSmithKline agrees to make payment to Otsuka to settle the companies' dispute over 1999 withdrawal of the antibiotic Raxar. Otsuka initiated arbitration proceedings in December 2001, arguing that the withdrawal constituted material breach of contract. Glaxo withdrew Raxar due to cardiovascular safety concerns (1"The Pink Sheet" Nov. 1, 1999, p. 17)...
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