Bayer AG and Johnson & Johnson have agreed to settle more than 25,000 U.S. lawsuits over blood thinner Xarelto for a total of $775 million.
According to Reuters, the amount will be shared equally between the two companies that jointly developed the drug.
The settlement will resolve all pending U.S. lawsuits over Xarelto. Plaintiffs claimed that Xarelto causes uncontrollable and irreversible bleeding leading to severe injuries and even death among thousands of plaintiffs.
Plaintiffs accused the drugmakers of having failed to warn about the bleeding risks. Bayer in a statement on Monday said it continues to believe the claims are without merit.
J&J in a statement said it continued to believe in the safety of Xarelto, but that the settlement was the right thing to do for patients and their doctors.