$894 million deal ends Pfizer’s lawsuits

? Drug giant Pfizer Inc. has reached an $894 million deal to settle the bulk of the lawsuits over its withdrawn pain reliever Bextra, following the lead of rival Merck & Co., which is spending five times as much to settle Vioxx suits.

The Pfizer agreement also would end lawsuits over its popular Celebrex, the only one of the three – all in the same class of anti-inflammatory drugs and all linked to elevated risk of heart attacks and strokes – still on the market.

The world’s biggest drugmaker said Friday it has agreements in principle to end up to 92 percent of personal injury lawsuits brought by people claiming Bextra and Celebrex caused heart attacks, strokes or other harm.