Vioxx led to heart attacks or ischemic strokes, where blood flow is blocked to the brain in many people who filed for the lawsuit. The company however pulled the drug from the market Sept. 30, 2004, after its researchers determined that it doubled risk of heart attacks and strokes.
Calling the settlement "responsible," Merck Executive Vice President Kenneth Frazier told the Associated Press, "Without this settlement, the litigation might very well stretch on for years."
However, to qualify for a settlement, plaintiffs must have filed claims by Thursday, Nov. 8, and meet certain criteria, including medical proof that they suffered a heart attack or stroke. They must also have received at least 30 Vioxx pills, which were ingested within two weeks before injury.
And to become legally binding, 85 percent of claimants in certain injury categories must agree to the deal. It includes all pending heart attack and ischmic stroke cases.
It also must involve deaths and all cases alleging more than 12 months of Vioxx use.
The company also added that the agreement is not a class action settlement and that it is not admitting fault. Merck will take a pre-tax $4.85 billion charge for the settlement in the current quarter, but did not say whether any of it would be covered by insurance.
Although the deal covers the majority of claimants, it does not cover those outside the U.S. or those with different injuries.
