Pfizer Inc will pay 486 million dollars to close the case in which it was accused of causing huge losses to shareholders through theconcealment of security risks related to drugs Celebrex and Bextra. The two medicines were used by millions of patients suffering from osteoarthritis and rheumatoid arthritis For relieve pain but they had revealed a increased risk of heart attack or stroke.
The agreement, anticipated by Reuters is subject to negotiation and would make it possible to put an end to more than 11 years of litigation against the drug company and several officials, including former CEO Henry McKinnell.
In September 2009 Pfizer had paid $2.3 billion after the US government investigation into the marketing of Bextra and other medicines.
"This solution reflects the company's desire to avoid the distraction of ongoing litigation and to focus on the needs of patients and physicians," Pfizer said in a statement.
The lawsuit concerns those who bought shares between October 31, 2000 and October 19, 2005.
Shareholders have accused Pfizer of withholding evidence that since 1998 they have been suggesting risks for the health of Celebrex and Bextra.
Security concerns have surfaced at the end of 2004, when the rival Merck & Co. has recalled its drug Vioxx due to the associated cardiovascular risks. Pfizer withdrew Bextra from the US market the following April.
