FDA LIKELY TO YANK AVANDIA-GLAXO TO SETTLE FOR $460 MILLION

The FDA is holding special meeting to review the evidence on the GlaxoSmithKline diabetes drug Avandia. Word is the drug may well be removed from the market based on the reports of FDA staffers including THIS REPORT. Meanwhile, shares of GlaxoSmithKline (GSK) are up 76 cents, or 2.2%, at $35.88, a sudden jump for the stock after more subdued morning trade. Briefing.com notes wire services have been running headlines that there could be a $460 million settlement in the works for claims against “Avandia,” Glaxo’s drug for treating Type II diabetes.