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MARKET INTEL by PharmaCompass
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By PharmaCompass
2019-03-28
Impressions: 80 Article
Pharmaceutical giants Johnson & Johnson and Bayer AG have agreed to settle more than 25,000 lawsuits in the US wherein the plaintiffs alleged injuries and death due to taking prescription blood thinner Xarelto. The drug had been jointly developed by the two companies. Bayer and J&J have agreed to settle with plaintiffs for a total of US$ 775 million.
Under the terms of the agreement, the companies do not admit liability. The plaintiffs said Bayer and J&J had failed to give adequate warnings about risks associated with taking the anti-coagulant drug. The plaintiffs had alleged that patients taking Xarelto experienced unstoppable bleeding, which led to other severe conditions including fatalities. The lawsuits claimed that adequate information regarding the use of the drug would have prevented these incidents.
The pharma giants say these claims are without merit. In a statement, Bayer said the “settlement allows the company to avoid the distraction and significant cost of continued litigation.” Some of Bayer’s settlement costs will be offset by product liability insurance.
Xarelto is Bayer’s highest earning drug, generating US$ 4.07 billion (Euro 3.6 billion) in 2018 revenues. J&J reported Xarelto sales of US$ 2.47 billion in 2018.
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