A state court in Philadelphia, PA, on Tuesday handed down a verdict ordering Bayer AG (BAYN.XE) and Johnson & Johnson (JNJ), the makers of the blood thinner Xarelto, to pay $27.8 million after their failure to warn of the drug's internal bleeding risks, says Reuters.
--The verdict awarded $1.8 million in compensatory damages and $26 million in punitive damages, says Reuters, citing the plaintiff's lawyer. Both Bayer and Johnson & Johnson said they would appeal the verdict.
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--Xarelto is Bayer's best-selling drug, according to Reuters, contributing 2.9 billion euros ($3.41 billion) in revenue to the company in 2016.
--This is Bayer and Johnson & Johnson's first Xarelto-related trial loss, having been cleared of liability in three previous federal trials, notes Reuters. Tuesday's case was the first of some 1,400 Xarelto cases pending in the Philadelphia court and there are more than 18,500 Xarelto cases pending in federal court.
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(END) Dow Jones Newswires
December 06, 2017 06:31 ET (11:31 GMT)