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Krisztian Bocsi | Bloomberg | Getty Images
The logo of Bayer AG is located outside the offices of the drug manufacturer in Berlin, Germany, on Friday 1 December 2017.
Bayer and Johnson & Johnson have agreed to settle more than 25,000 lawsuits against their Xarelto anticoagulant for a total of $ 775 million, court documents said Monday.
The amount will be shared equally between the two companies that jointly developed the drug. Bayer and J & J accept no liability under the agreement.
The settlement will resolve all pending US lawsuits against Xarelto, which, according to the plaintiffs, would result in uncontrollable and irreversible bleeding, resulting in serious injury and even death to thousands of plaintiffs.
The plaintiffs accused the drug manufacturers of not warning of the risk of bleeding, claiming that their injuries could have been prevented if doctors and patients had been adequately informed.
Bayer said Monday in a statement that he continued to believe the claims were unfounded.
"However, this favorable settlement allows the company to avoid distraction and the significant costs badociated with litigation," the company said.
In a statement, J & J said that he continued to believe in Xarelto's safety, but that the settlement was the right thing to do for patients and their doctors.
Xarelto is Bayer's top-selling medicine. Last year, the German group achieved a turnover of 3.6 billion euros ($ 4.07 billion) in business revenue.
Bayer said Monday that its share of the settlement amount would be partially offset by product liability insurance.
Bayer jointly developed Xarelto with Janssen Pharmaceuticals division of J & J, which sells the anticoagulant product under a license agreement in the United States.
J & J reported sales of $ 2.47 billion in 2018 for Xarelto.
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