Brian Goodman, CEO of Golden Matrix Group Inc. explains how they stay one step ahead of their rivals. Watch the interview here.

Less Ads, More Data, More Tools Register for FREE
Sponsored Content
Sponsored Content

GSK agrees to settle about 80,000 Zantac lawsuits for up to $2.2 bln

Wed, 09th Oct 2024 21:27

GSK to pay $70 million to settle whistleblower lawsuit

*

Pfizer and Sanofi also settling Zantac cases

*

Boehringer Ingelheim faces trial, denies wrongdoing

Oct 9 (Reuters) - GSK has agreed to pay up to $2.2 billion to settle most lawsuits in U.S. state courts claiming that a discontinued version of the heartburn drug Zantac caused cancer, the company announced on Wednesday.

The agreement with 10 plaintiffs' law firms resolves about 80,000 cases, or 93% of cases pending against the British drugmaker in state courts nationwide, the company said. GSK also said it would pay $70 million to settle a related whistleblower lawsuit filed by a Connecticut laboratory.

GSK did not admit wrongdoing as part of the deal, saying in a statement that there was "no consistent or reliable evidence" that ranitidine, the drug's active ingredient, increased the risk of cancer. However, it said the settlements were in the best long-term interest of the company to avoid the risk of continuing litigation.

Jennifer Moore and R. Brent Wisner, lead attorneys for the plaintiffs, said in a joint statement that they were "thrilled" with the deal.

First approved by U.S. regulators in 1983, Zantac became the world's best-selling medicine in 1988 and one of the first to top $1 billion in annual sales. The drug was sold at different times by pharmaceutical companies GSK, Pfizer, Sanofi and Boehringer Ingelheim.

Lawsuits against the companies began piling up in both state and federal courts after the U.S. Food and Drug Administration in 2020 asked manufacturers to pull Zantac off the market. The agency cited concerns that ranitidine could degrade into NDMA, a carcinogen, over time or when exposed to heat.

Pfizer has agreed to settle most of the Zantac cases against it in state court, according to its most recent financial statement, and Sanofi in April announced that it was settling about 4,000 cases.

Boehringer Ingelheim has not announced any major settlements, but is currently facing a trial over the drug in Oakland, California, state court. The company has denied wrongdoing.

"We continue to pursue claims against Boehringer Ingelheim for its wrongdoing for exposing millions of people to a known carcinogen for over a decade," Moore and Wisner said.

A majority of the remaining state court cases are in Delaware, where a judge in June allowed plaintiffs to present crucial expert testimony that Zantac caused cancer. The drug companies had sought to keep that testimony out saying it was not based on sound scientific evidence, which would have ended the lawsuits, and are appealing the judge's ruling to the Delaware Supreme Court.

The companies won a major victory in 2022 when a Florida federal court judge ruled that about 50,000 cases centralized there could not go forward because the plaintiffs' expert testimony was not supported by reliable science. About 14,000 of those cases are being appealed, and are not part of Wednesday's settlement.

A drug currently sold under the name Zantac 360 uses a different active ingredient and contains no ranitidine. (Reporting by Brendan Pierson in New York and Aatrayee Chatterjee in Bengaluru; Editing by Aurora Ellis and Alexia Garamfalvi)

Related Shares

More News
10 Dec 2024 10:01

LONDON BROKER RATINGS: RBC raises Hikma; JPMorgan cuts Schroders

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and on Monday:

9 Dec 2024 19:42

IN BRIEF: GSK highlights positive Blenrep data from Dreamm-7 trial

GSK PLC - London-based pharmaceuticals firm - Says Dreamm-7 trial shows sustained overall survival benefit for Blenrep, the brand name of belantamab m...

9 Dec 2024 08:47

GSK's Nucala and Blenrep receive regulatory boost in US and China

(Alliance News) - GSK PLC on Monday received a double-dose of good news with its Nucala and Blenrep products receiving positive indications from indus...

9 Dec 2024 07:51

LONDON BRIEFING: boohoo gets ISS backing amid Frasers Group spat

(Alliance News) - London's FTSE 100 is called higher, while stocks in Hong Kong perked up amid after a slow start amid fresh hope for the Chinese econ...

9 Dec 2024 07:06

GSK says US agrees to look at data for new use of COPD drug

(Sharecast News) - GSK said the US Food and Drug Administration has agreed to look at data from its MATINEE study to support the regulatory review pro...

Free Investment Tools

Register for FREE

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.