Bayer: in 775 million dollar settlement over Xarelto drug
(CercleFinance.com) - Bayer and J&J's Janssen Pharmaceuticals will pay 775 million dollars to settle approximately 25,000 claims relating to the blood thinner Xarelto in the US.
In a statement, Bayer cited a "favorable settlement" that will enable the company to avoid "distraction" and save significant costs from continued litigation.
According to plaintiffs, the drug appears to have resulted in 370 deaths.
The German pharmaceuticals group said it continues to believe that the claims are without merit, and insisted that Xarelto's safety profile remains "positive."
The settlement amount will be shared equally with Janssen, although Bayer expects that its share will be partially offset by product liability insurance.
The Bayer shares are currently down 1.6% in Frankfurt. They have fallen by almost 19% over the past week on the back of the Roundup case.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
In a statement, Bayer cited a "favorable settlement" that will enable the company to avoid "distraction" and save significant costs from continued litigation.
According to plaintiffs, the drug appears to have resulted in 370 deaths.
The German pharmaceuticals group said it continues to believe that the claims are without merit, and insisted that Xarelto's safety profile remains "positive."
The settlement amount will be shared equally with Janssen, although Bayer expects that its share will be partially offset by product liability insurance.
The Bayer shares are currently down 1.6% in Frankfurt. They have fallen by almost 19% over the past week on the back of the Roundup case.
Copyright (c) 2019 CercleFinance.com. All rights reserved.