Johnson & Johnson (J&J) has offered to pay up to $5.5bn (£4.14bn) to settle tens of thousands of US claims. alleging that its baby powder and other talc-containing products cause ovarian cancer.

The proposed historic settlement aims to close a long-running legal battle that has weighed on the New Jersey-based healthcare giant for years.

J&J has denied that its talc-based products cause cancer and has changed the formula of its widely used baby powder.

Erik Haas, vice president of litigation at the firm, said Monday, external that the allegations are “baseless” and that J&J was willing to reach an agreement to finally resolve the matter.

J&J said it will offer up to $3 billion next year, with no additional payments due before 2028, he said.

The proposal must be accepted by law firms representing 95% of ovarian cancer claims in state and federal courts before it can be finalized, J&J said.

Haas said in a statement that the company is confident it “ultimately would have prevailed with further litigation,” just as it has in most of the cases heard in court to date.

He added that the proposed resolution “allows the company to put this matter behind us” and allows J&J to “remain focused on its mission of developing life-saving medicines and devices.”

Kenvue, J&J’s former consumer health business, is responsible for Johnson’s baby powder outside North America.

Kenvue, which owns well-known brands such as Band-Aid, Listerine and Calpol, was spun off from J&J in 2022.

Lawsuits against J&J for its talc-based baby powder began as early as 2009.

In early July, a federal court awarded the company a victory by challenging the individual plaintiffs’ ability to prove that talc was the direct cause of their ovarian cancer.

Talc is a natural mineral composed of magnesium, silicon, oxygen and hydrogen, known for its soapy feel and often used in baby powder.

The company has faced lawsuits from consumers and their survivors who claim J&J’s talcum powder products caused cancer due to asbestos contamination.

Talc is mined from the earth and is found in veins close to those of asbestos, which is a material known to cause cancer.

J&J has repeatedly denied the allegations and in its latest announcement said: “Studies show that talcum powder is safe, does not contain asbestos and does not cause cancer.”

In 2022, J&J said it would stop manufacturing and selling its talc-based baby powder worldwide.

The announcement came more than two years after sales of the product in the United States ended.

“As part of a global portfolio evaluation, we have made the business decision to transition to an exclusively cornstarch-based baby powder portfolio,” J&J said at the time.