Bayer AG would not confirm a newsagency report it will agree to pay a settlement of at least 200,000 usd per lawsuit in connection with its cholesterol-lowering product Lipobay, which was withdrawn last year due to patient health fears.

A Bayer spokesman said the company will evaluate settlements when in its judgement it is appropriate to do so.

"We are evaluating the cases against us on an individual basis. Without conceding liability, we are entering into a number of agreements with persons who suffered serious side-effects while taking cerivastatin," the spokesman said.

"We are insured against product liability risks at a level which is customary within the industry. Therefore we have no reason to believe it is necessary to establish provisions," he added.

Last month, Bayer said it is facing over 2,000 lawsuits in connection with Lipobay (Baycol in the US), while earlier this year Bayer said the number of suspected deaths related to Lipobay had risen to roughly 100.

Cerivastatin was the active ingredient in Lipobay. Over 6 mln patients worldwide were treated with cerivastatin.

Bayer has said previously that it expects to settle some of the lawsuits.