According to people familiar with the matter Bayer agreed to pay at least $60 million to settle approximately 150 lawsuits regarding Trasylol (aprotinin), Bloomberg reported Tuesday.

The drug, which was used to control bleeding in patients undergoing heart surgery, was withdrawn from the market in 2007 after it was linked to a 50 percent higher risk of death than similar treatments.

The settlements were disclosed by Bayer in court earlier this month, and according to the sources, provide an average payout of about $400 000 per patient.

Company spokeswoman Marcy Funk declined to comment on the size of the settlements, but noted that "after thorough examination of each case, Bayer will, at times, consider the option of settling litigation on a case-by-case basis."

Plaintiffs claim that Bayer failed to disclose research demonstrating the drug’s health risks to the FDA, and allege the company hid the risks of Trasylol from patients and doctors.

According to the German drugmaker, it is facing at least 1600 such suits, with the majority being consolidated before a federal judge in Florida.

The first trial is scheduled to be heard in Pennsylvania state court in Philadelphia in November, noted a lawyer representing claimants.

Earlier this year, Bayer lawyer Steven Derringer said the company had devised a "settlement programme aimed at resolving not just one or two cases at a time, but to provide an overall framework for resolving the litigation.

"Funk noted that as of July 6, the drugmaker had settled “with about 120 plaintiffs," but made no admission of guilt as part of the agreements.