ChemoCentryx to Pay $69 Million to End Investor Lawsuit (1)

Amgen Inc.'s ChemoCentryx Inc. will pay $69 million to settle investor class allegations that it overhyped the safety of its drug to treat severe vasculitis.

The pension fund leading the case nearly doubled the settlement price from $35 million after the Food and Drug Administration’s Center for Drug Evaluation and Research last month proposed withdrawing regulatory approval for the drug sold as Tavneos, finding it hasn’t shown to be effective and that the drugmaker’s application contained untrue statements. The fund sought Judge Jon S. Tigar‘s preliminary approval of the increased settlement May 15.

If approved in the US District ...