Takeda Offers $2.4 Billion to Settle Cancer Lawsuits
Takeda Pharmaceutical agrees to pay $2.4 billion to settle lawsuits from patients and family members who said the diabetes drug Actos caused bladder cancer.
On April 28, 2015, Takeda announced it would pay $2.4 billion to settle lawsuits brought by patients and family members of patients who took Actos for diabetes and subsequently developed bladder cancer. According to an article from the New York Times, there are 9000 bladder cancer claims pending against Takeda regarding patients who took Actos. Lawyers are claiming that Takeda concealed the risk of cancer in association with Actos.
“Takeda believes that the claims made in this litigation are without merit, and does not admit liability. Takeda believes the company acted responsibly with regard to ACTOS, and that ACTOS has a positive benefit/risk profile for the treatment of type 2 diabetes. Takeda’s decision to settle does not change the company’s continued commitment to ACTOS,” Takeda stated in a press release.
If 95% of current litigants and claimants opt into the settlement, it will become effective. Takeda will then pay $2.37 billion into a settlement fund once the 95% is reached. If 97% or more of current litigants and claimants is reached however, that number will increase to $2.4 billion.
Sources:
TakedaNew York Times
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