The pharma giant has suggested paying up the sum to thousands of claimants in the span of 25 years.

Johnson & Johnson shares advanced 5% on Wednesday after the company announced it had agreed to pay $8.9bn to tens of thousands of people over 25 years. The pharmaceutical giant has been flooded by lawsuits, claiming its talc powder products caused cancer.
More than 60,000 claimants supported the proposed deal, which is now headed for approval by a bankruptcy court.

If it is given the go-ahead, the settlement will end a legal drama revolving around a carcinogen called asbestos that’s been used in the company’s baby powder for years.

Johnson & Johnson didn’t admit any wrongdoing when it offered to pay up the lofty sum. Erik Haas, J&J’s VP of litigation, said the claims are “specious and lack scientific merit.” In that context, some plaintiffs’ lawyers vowed to pursue a higher compensation package for their clients.