Pfizer settles in menopause drug-breast cancer cases
May 16, 2011
Pharmaceutical giant Pfizer has reached a $772 million settlement deal concerning its menopause drug, Prempro, which has come under attack as a cause of breast cancer, according to a new report from Bloomberg.
The company manufactured the drug, which was sold to more than 6 million women, before a link was uncovered between Prempro and breast cancer in 2002.
"I see this as an effort to clean up a long-standing litigation so they can go forward with their business plan. This is probably a good thing for the stock," Les Funtleyder, a fund manager at Miller Tabak & Co. in New York, told the news source.
At one point, more than 10,000 people filed lawsuits against Pfizer concerning its menopause drugs, although it is unclear how many cases are involved in the latest settlement.
More than 200,000 women are diagnosed with breast cancer each year in the U.S., according to BreastCancer.org. About one in eight American women will develop the disease at some point in her life.