Pennsylvania and 29 other states including South Carolina have reached an $8 million settlement with Bayer Corp. over allegations the drug maker failed to adequately warn consumers about risks associated with a cholesterol-reducing drug.

S.C. will receive $200,000 from the settlement.

Bayer allegedly learned after introducing Baycol in the U.S. in February 1998 that the drug posed significantly greater health risks than other similar drugs, Pennsylvania Attorney General Tom Corbett said in a statement Tuesday.

Bayer informed the U.S. Food and Drug Administration about Baycol’s higher risks but did not sufficiently warn consumers and doctors about potential problems, Corbett said, citing a multistate investigation. Bayer voluntarily withdrew Baycol from the market in August 2001.