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Pfizer to pay $75 mln in Trovan settlement-source
NEW YORK, July 27 |
NEW YORK, July 27 (Reuters) - U.S. drugmaker Pfizer (PFE.N) has agreed to pay $75 million in a court settlement with Nigeria's Kano State related to a study of its Trovan meningitis drug, according to a source close to the proposed deal.
The northern state of Kano sued the world's largest drugmaker in May 2007 for $2 billion in damages over the testing of Trovan among patients with meningitis, saying the drug killed 11 children and left dozens disabled.
Pfizer has denied the allegations, saying meningitis -- not Trovan -- killed the children or damaged their health.
As much as $35 million of the settlement is slated to go to a fund that will provide payments to eligible subjects who participated in the clinical study of Trovan, the source said.
The source said $30 million of settlement proceeds will be set aside for healthcare initiatives chosen by the Kano State government, while $10 million of proceeds will be used to reimburse Kano State for legal costs of the longstanding lawsuit. (Reporting by Ransdell Pierson)
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