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Xarelto lawsuits settled for $775 million

Johnson & Johnson and Bayer will pay $775 million to settle lawsuits over the blood thinner Xarelto, the New York Times reports.

The big picture: Patients said the drug caused massive, sometimes fatal bleeding, though the companies are not admitting any liability as part of the settlement. And a $775 million settlement is just a fraction of Xarelto's sales. Bayer brought in more than $4 billion in revenue from the drug last year, while J&J reported roughly $2.5 billion in Xarelto sales, according to Reuters. The companies developed the drug together and will split the settlement equally.

Go deeper: The drug pricing war that leaves patients caught in the middle