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Agreement reached to settle ACTOS product liability lawsuits

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Takeda Pharmaceutical Company Limited has agreed to pay up to $2.4 billion to resolve the majority of ACTOS product liability lawsuits pending against it and its wholly-owned subsidiary Takeda Pharmaceutical, U.S.A., according to a company press release.  

In the fourth quarter of fiscal year 2014, Takeda will take a $2.7 billion charge against earnings in order to cover the settlement and costs associated with defending remaining cases and other related litigation.

If 95% of the current litigants and claimants opt into the settlement it will become effective. Once the settlement is achieved, $2.37 billion will be put into a settlement fund. If 97% or more of the current litigants or claimants opt to participate in the settlement, the amount with increase to $2.4 billion.

However, Takeda does not admit liability and states that it believes the company acted responsibly with regard to ACTOS (pioglitazone, Takeda) and continues to support data claiming there is a positive benefit/risk profile associated with the drug.