Johnson & Johnson (J&J) has offered to pay up to 5,5bn USD (4,14bn pounds sterling) to settle tens of thousands of US lawsuits alleging its baby powder and other talc-containing products cause ovarian cancer.

The proposed settlement aims to end years of litigation that has negatively impacted the New Jersey-based healthcare giant's reputation and financial performance for years.

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

The company's vice president of litigation, Eric Haas, said Monday that the allegations against the company are "baseless," but that J&J is willing to settle to finally resolve the matter.

According to J&J, the agreement covers approximately 76 000 cases—the majority of the remaining talc-related lawsuits. The company said it will pay up to 3 billion USD next year, with no additional payments required until 2028.

Before the agreement can take effect, it must be approved by law firms representing plaintiffs in 95% of ovarian cancer cases heard in state and federal courts.

Lawsuits against J&J over its talc-based baby powder began in 2009. Earlier in July, a federal court ruled in favor of the company, questioning the ability of individual plaintiffs to prove that talc directly caused their ovarian cancer.

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

The company has faced lawsuits from consumers and their families claiming that J&J talc-based products caused cancer due to asbestos contamination. Talc is mined from the earth and often occurs in strata near asbestos deposits, a material recognized as carcinogenic.

J&J has repeatedly denied these allegations and in its latest statement emphasized that research shows talc is safe, does not contain asbestos, and does not cause cancer.