BAYRY Bayer Aktiengesellschaft (PK)

   By Donato Paolo Mancini 
 

Bayer AG (BAYN.XE) and Johnson and Johnson's (JNJ) Janssen have reached a settlement to resolve litigation on Xarelto, a blood thinner some alleged caused severe bleeding and even death, for $775 million, the German company said Monday.

The settlement will be shared by the two companies, Bayer said, and its share will be partially offset by product liability insurance, the German company noted.

Bayer said the settlement will resolve "virtually all" of the about 25,000 Xarelto claims in the U.S.

It believes the Xarelto claims are without merit and that the settlement isn't an admission of liability.

Plaintiffs alleged the drug caused severe bleeding and even death.

But claims for Xarelto are but a part of the company's woes--Bayer has also been embroiled in a high-profile legal saga over whether Roundup, the glyphosate pesticide it inherited as it acquired Monsanto last year, causes cancer.

Both companies have reserved the right to withdraw from the settlement if participation rates aren't satisfied.

Write to Donato Paolo Mancini at donatopaolo.mancini@dowjones.com; @donatopmancini

(END) Dow Jones Newswires

March 25, 2019 11:07 ET (15:07 GMT)

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