Merck reaches settlement over Vioxx in Canada.
M2 PHARMA-January 20, 2012-Merck reaches settlement over Vioxx in Canada(C)2012 M2 COMMUNICATIONS
20 January 2012 - Merck & Co Inc (NYSE:MRK) said on Thursday that it had signed an agreement to settle all claims related to its Vioxx drug in Canada.
The agreement with representatives of the plaintiffs is still subject to approval by courts in Canada's provinces.
If the agreement receives court approval, Merck will pay between CAD21.8m (USD21.6m/EUR16.7m) and CAD36.9m to resolve all certified class actions, putative class actions, other litigation and claims related to Vioxx in Canada.
The amount allocated for Vioxx users in Canada will be between CAD11.3m and CAD26.4m depending on the final number of eligible claims.
The settlement agreement also includes fixed costs of CAD6m for class counsel fees, CAD3.5m for provinces and territories and CAD1m for administrative expenses.
(CAD1 = USD0.987/EUR0.761)
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|Date:||Jan 20, 2012|
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