Merck settles Vioxx suits for $4.85B - From cnn.com

Merck said in a statement that the company will pay the money into a settlement fund for qualifying claims that enter into the resolution process and that claims will be evaluated on an individual basis.

The agreement represents a change in stance for the drugmaker, which earlier had insisted it would fight each Vioxx case.

The settlement - one of the biggest ever in civil litigation - comes after almost 20 Vioxx civil trials were held over the last two years.

The amount plaintiffs will receive from the settlement will depend on how long they took the pain medication and the severity of their injuries.

"This is a good and responsible agreement that will allow the company to concentrate even more fully on its mission of discovering, developing and delivering novel medicines and vaccines," said Richard Clark, chairman and CEO of Merck. "The agreement is structured to provide a significant degree of certainty toward resolving the majority of the outstanding Vioxx product liability claims in the United States for a fixed amount."

Vioxx became a popular pain medication after it was approved for sale in 1999, with annual sales rising to $2.5 billion. Merck pulled the drug from the market in September 2004 due to safety concerns

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