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In an effort to settle U.S. lawsuits, Takeda Pharmaceuticals, the maker of Actos, has agreed to pay up to $2.4 billion. The suits claim the drug maker failed to inform patients of the risk of bladder cancer associated with the use of the diabetes drug, Actos.

The settlement is expected to resolve the ‘vast majority’ of pending product liability suits in the U.S. and will be split among 9,000 plaintiffs and would average an estimated $267,000 per claimant. However, the exact amount for each plaintiff will vary and be evaluated based on cumulative dosage, extent of injuries and past history of smoking.

Plaintiffs contend their use of the drug Actos caused or contributed to the development of bladder cancer and that the drug maker hid the risks.

This settlement is among the largest involving liability claims against a drug maker. In 2007 Merck & Co. settled a majority of claims involving its painkiller Vioxx for $4.85 billion.

Eli Liy & Co., which was responsible for promoting Actos with Takeda from 1999 to 2006, is released from liability under the settlement. In 2014, a Louisiana federal court ordered Eli Lilly and Takeda to pay a combined $9 billion in punitive damages to a New York man who claimed Actos had given him bladder cancer. In October a federal judge reduced the amount to $37 million after ruling the charge was excessive.

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