$4.85 Billion Settlement in Vioxx Trial

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November 9th, 2007

"Merck Settles Majority of Vioxx Claims"

The third-largest drugmaker in the U.S, Merck, agreed to settle a majority of their claims involving the painkiller Vioxx for $4.85 billion.

The settlement is reportedly the largest in the country this year.

Lawsuits Over Vioxx

The settlement aims at resolving 85 percent of the lawsuits filed over the pain medication, Vioxx.

A settlement fund is set to be created for $4 billion for those who have suffered from heart attacks while taking the drug.

Another $850 million will be set aside for those who have suffered strokes, claims the company.

“In the big picture, this is a bargain for Merck,” explains Michael Krensavage, an analyst who estimates that Merck was spending close to $600 million in legal fees annually. “The settlement is chump change compared to the initial fears that sent Merck shares into the $20 range.”

Medication Recalled by Merck

In 2004, Merck recalled Vioxx after a study showed that it raised the risk of heart attacks in patients.

As a result, the company now faces more than 26, 500 lawsuits filed by former users of the drug.

For patients to be eligible for payments, they must present medical proof of a heart attack or stroke, have documentation that they used the drug for at least 30 days and proof that they had taken the drug at least 14 days prior to their health problems.

(Source: Bloomberg)

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