Bloomberg is reporting that Pfizer has agreed to settle lawsuits over its menopause drug for $330 million. The drugmaker inherited 2,200 lawsuits claiming that Prempro caused breast cancer when it acquired Wyeth in 2009. Each case will settle for an average of $150,000.
More than 6 million women took the hormone-replacement drug to treat menopause symptoms, which include mood swings and hot flashes. But sales of the blockbuster fell after a 2002 study linked Prempro and similar drugs to an increased risk of breast cancer. Prempro is still on the market.
Analyst Les Funtleyder of Miller Tabak & Co. said the settlement talks could be a sign the company's new management is looking to eliminate litigation that's been dragging on for year. But the drugmaker refused to confirm the settlement rumors. "The reported settlement terms are not accurate and beyond that, we do not comment on our litigation strategy," a spokesperson told Bloomberg.
- here's the Bloomberg report
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