Daiichi Sankyo Co. Ltd. agreed to settle some 2,300 U.S. cases alleging that the company's blood pressure drugs Benicar, Benicar HCT, Azor and Tribenzor did not carry labels that warned of gastrointestinal side effects.

Daiichi Sankyo said it entered into a settlement program in which it will provide payouts from a $300 million settlement fund, expected to be financed primarily by the Japanese drugmaker's insurance companies. The program requires, among other thresholds, that at least 95% of all eligible claimants opt for the settlement.

"We believe a settlement is in the best interest of all," Glenn Gormley, Daiichi Sankyo's executive chairman, said in a statement.

The company is not admitting liability and believes that the claims are without merit.

The first lawsuits against Daiichi Sankyo's blood pressure drugs were filed in 2014.