Photo : Reuters
GSK has announced an agreement to pay up to $2.2 billion to settle the majority of lawsuits in U.S. state courts that allege a discontinued version of its heartburn medication, Zantac, caused cancer. This settlement, revealed on Wednesday, addresses approximately 80,000 cases, which accounts for about 93 percent of the pending lawsuits against the British pharmaceutical company nationwide.
In addition to the $2.2 billion settlement, GSK will pay $70 million to resolve a related whistleblower lawsuit brought by a Connecticut laboratory. Despite the significant financial commitment, GSK has maintained that it did not admit any wrongdoing in the settlement. In a statement, the company emphasized that there is "no consistent or reliable evidence" to support claims that ranitidine, the active ingredient in Zantac, increases cancer risk. However, GSK believes that settling the lawsuits is in the best long-term interest of the company to mitigate the risks associated with ongoing litigation.
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Lead attorneys for the plaintiffs, Jennifer Moore and R. Brent Wisner, expressed their satisfaction with the agreement, stating they were "thrilled" with the outcome.
The market responded positively to the news, with GSK's shares rising by 6 percent on Thursday following the settlement announcement. Analysts noted that the agreed settlement was significantly lower than previous projections, including a JP Morgan estimate of $3.5 billion. This resolution addresses the overwhelming majority of the legal challenges the company faced in relation to Zantac, which should alleviate the “Zantac overhang” on GSK's stock, according to analysts at Jefferies.
The resolution of these lawsuits marks a significant step for GSK as it seeks to move forward from the legal disputes surrounding Zantac and stabilize its business operations.
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