Drug Lawsuit Settlement for Celebrex & Bextra

Pfizer announced that is has agreed to a proposed settlement of $894 million in lawsuits involving the drug giant's Bextra and Celebrex. If approved, the settlement will resolve nearly 90 percent of the lawsuits filed against the company over the painkillers.Celebrex and Bextra are COX-2 inhibitors that have been linked to an increased risk of blood clots, heart attacks, and strokes. Bextra was withdrawn from the market in 2005, but Celebrex is still approved for sale in the United States, carrying the FDA's strictest "black-box" warning on its label.

The New York Times recently reported that $760 million of the Bextra and Celebrex settlement will go to settle an estimated 7,000 personal injury cases that have been filed over the drugs, with the rest of the money covering settlements in suits filed by several state attorneys general and consumer class action attorneys.

In its announcement, Pfizer indicated that the company hopes to finalize the settlement by the end of this year. A company spokesperson said that Pfizer is seeking to include some of the remaining personal injury lawsuits in the proposed settlement.

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