Bayer AG and Janssen Pharmaceuticals (a subsidiary company of Johnson & Johnson) announced yesterday that it would pay $775 million dollars to settle all remaining U.S. Xarelto lawsuits.
What is the significance of settling the lawsuits?
The money resolves any pending U.S. lawsuits involving Xarelto. Furthermore, as a result of the deal, neither company is required to admit any sort of liability according to an article by Reuters.
What was the basis of the Xarelto lawsuits?
Plaintiffs sued the two companies over the claim that the companies (who collaborated on the production of the drug) failed to provide sufficient information about the risk of uncontrollable and/or severe bleeding that can result when taking the drug.
Why did they choose a settlement deal?
While Bayer AG has stated they believe these lawsuits lack credibility, the company released a statement that the settlement “allows the company to avoid the distraction and significant cost of litigation.”
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