Following claims it hid the cancer risks of its Actos diabetes medication, Takeda, Japans biggest drug company by revenue, faces product liability lawsuits in the U.S. that involve about 9,000 people.
In an effort to settle those lawsuits with thousands of patients and their families, the firm has agreed to reimburse families and patients in the United States up to $2.4 billion.
The drug is prescribed to help patients with Type 2 diabetes to better regulate blood glucose. Currently, it has been on the market for more than 16 years and has produced tens of billions in sales.
Takeda said it would take a $2.7 billion charge against earnings in the fourth quarter of the fiscal year ended March 31 to cover the settlement and the costs associated with defending remaining cases and handling other related litigation.
Despite the settlement, Takeda continues to stand by its medication.
Takedas decision to settle does not change the companys continued commitment to Actos, the company said in a release.
The company said it settled the cases to reduce the uncertainties of complex litigation.
Actos Adverse Side-Effects
Some other side effects Actos users have reported include:
- Blood in urine
- Back or lower abdominal pain
- Urgent need to urinate
- Pain during urination
At Greg Coleman Law, we believe the makers and manufacturers of dangerous drugs such as Actos should be held accountable when someone is put at risk by their products. If you or a loved one has been harmed by the use of Actos, you need to explore your legal options.