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GlaxoSmithKline in $3 Billion Settlement With US

LONDON (AP) — Drug maker GlaxoSmithKline says it has agreed in principle with the United States government on a $3 billion settlement of investigations of the company's sales and marketing practices.

GlaxoSmithKline PLC said Thursday that the agreement is expected to be completed next year, and that it will pay the settlement through its cash resources.

The case dates from 2004, and includes investigations of possible price irregularities, and the development and marketing of the diabetes drug Avandia.

The company said the tentative settlement covers both civil and criminal liabilities.

Posted: November 2011