UPDATE 1-U.S. judge accepts Abbott misbranding settlement

Tue Oct 2, 2012 2:57pm EDT

WASHINGTON Oct 2 (Reuters) - Abbott Laboratories Inc must pay $700 million in fines and other costs for illegal marketing of its drug Depakote, in line with a p reviously announced settlement, the U.S. Justice Department said on Tuesday.

The pharmaceutical maker said in May it would plead guilty to a misdemeanor violation of misbranding and pay $1.6 billion to state and federal authorities.

Abbott marketed Depakote for conditions including depression, anxiety and drug withdrawal while the drug did not have government approval for those uses, prosecutors said.

A federal judge in Virginia sentenced Abbott at a hearing on Tuesday as part of the broader settlement, the Justice department said.

The settlement includes a $500 million criminal fine, $198.5 million in lost profits and a $1.5 million payment to Virginia state officials. Abbott will be on probation for five years.

That is in addition to an $800 million civil settlement with federal and state officials and $100 million to U.S. states to resolve consumer protection matters.

An Abbott spokesman said the company was pleased to resolve the matter.

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