Bayer AG (G.BAY) said Tuesday that the 450 Baycol lawsuits it has already settled out of court cost the company about $125 million.

Bayer withdrew the cholesterol drug Baycol in 2001 after it was linked to about 100 deaths worldwide.

The settlements had no impact on the company's earnings in 2002, a company spokeswoman said. Payments to date are believed to have been covered by Bayer's insurance.

Earlier Tuesday, Bayer's lawyer Philip Beck said Bayer is currently negotiating a further 500 out-of-court settlements.

Bayer said that recent press reports alleging Bayer knew about the dangers of the drug long before its withdrawal are false, and that much of the information provided to the media has been taken out of context.

According to Bayer, one press report cited an e-mail in which Bayer senior management had given instructions "to maximize (Baycol ) sales." Bayer now says this didn't come from the company's management, but from correspondence relating to a marketing presentation.