AstraZeneca settles virtually all Seroquel claims

LONDON, July 28 (Reuters) - AstraZeneca has settled virtually all U.S. product liability claims related to its schizophrenia and bipolar disorder drug Seroquel, after increasing provisions by $55 million to $647 million.

The London-based drugmaker, which presented quarterly results on Thursday, said it had settled 28,461 claims as of July and was aware of only around 250 claims outstanding.

The top-selling medicine, which had worldwide sales of $5.3 billion in 2010, has been subject to long-running legal claims after being linked to an increased risk of diabetes.

For story on results, please click on (Reporting by Ben Hirschler)