Aims to settle multiple outstanding lawsuits relating to Actos (pioglitazone) and bladder cancer

Japanese drug company Takeda has put aside $2.7 billion (£1.7 billion) to cover settlements of US product liability court cases relating to its diabetes drug Actos (pioglitazone).

The company is facing thousands of suits across the US, seeking damages for concealing concerns over a possible but unproven link between the drug and an increased risk of bladder cancer. Takeda will pay $2.37 billion if 95% of the litigants opt in to the settlement deal, rising to $2.4 billion if 97% or more opt in. The remaining $300 million in its provision will go towards settling outstanding cases.

The company has had mixed results in previous cases, although large original awards of damages have subsequently been drastically reduced. The company maintains that its settlement offer does not represent an admission of wrongdoing, and that Actos will remain on the market in 95 countries.