Merck Extends Enrollment Deadline in Program to Resolve U.S. Vioxx Product Liability Lawsuits
WHITEHOUSE STATION, N.J.--(BUSINESS WIRE)--May 1, 2008 - Merck & Co., Inc. said today it has extended to June 30, 2008, the enrollment deadline for U.S. eligible claimants with cases filed or tolled by Nov. 9, 2007 wishing to be part of the program to resolve state and federal myocardial infarction (MI) and ischemic stroke (IS) claims filed against the Company in the United States. The Company formally extended the Walk Away Enrollment Deadline Date by which the Company could elect to terminate the resolution program to June 30; this action automatically extended the enrollment deadline to June 30.Merck extended the deadlines to allow claimants and their counsel additional time to complete the enrollment process and for the Claims Administrator and the Company to continue to verify the completeness and compliance of enrollment materials received so far.
The resolution program is progressing in an appropriate manner. Because of the large number of enrollments received so far, Merck is confident that when enrollments are verified, all 85 percent thresholds will be met and exceeded. The meeting of the thresholds with enrollment documents in compliance with the Settlement Agreement would obligate Merck to pay $4.85 billion in installments into the resolution fund. In 2007, the Company recorded a pretax charge of $4.85 billion which represents the fixed amount to be paid by the Company to settle qualifying claims.
The thresholds are: (a) 85 percent or more of all eligible MI claims; (b) 85 percent or more of all eligible IS claims; (c) 85 percent or more of all eligible claims claiming death as an injury; and (d) 85 percent or more of all eligible claims alleging more than 12 months of use.
As of March 31, the Claims Administrator reports more than 28,250 eligible MI claimants have initiated enrollment and more than 16,750 eligible IS claimants have initiated enrollment. Of these, more than 5,500 eligible MI and IS claimants alleging death as an injury have initiated enrollment, and more than 27,500 eligible MI and IS claimants alleging more than 12 months of use have initiated enrollment. Each of these numbers appears to represent at least 94.5 percent of the eligible claims in each category. These numbers do not include an additional 5,500 enrollees whose eligibility has yet to be determined.
Forward-Looking Statement
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential or financial performance. No forward-looking statement can be guaranteed and actual results may differ materially from those projected. Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Merck's business, particularly those mentioned in the risk factors and cautionary statements in Item 1A of Merck's Form 10-K for the year ended Dec. 31, 2007, and in any risk factors or cautionary statements contained in the Company's periodic reports on Form 10-Q or current reports on Form 8-K, which the Company incorporates by reference.
Contact
Merck & Co., Inc.
Media:
Kent Jarrell, 202-230-1833
Mary Elizabeth Blake, 215-652-5558
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Investors:
Graeme Bell, 908-423-5185
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