Benzinga - by Vandana Singh, Benzinga Editor.
Pfizer Inc (NYSE:PFE) has reportedly settled 10,000 lawsuits alleging it concealed the cancer risks associated with its Zantac heartburn medication, marking the largest resolution in the litigation.
The agreements span various state courts across the U.S. but do not entirely mitigate the company’s exposure to Zantac-related claims.
Financial specifics of the settlements have not been disclosed, Bloomberg noted, citing people familiar with the matter.
Despite this significant resolution, the settlement does not completely absolve Pfizer from its Zantac-related legal challenges.
Concerns surrounding potential liabilities stemming from Zantac-related litigation had led to a collective market value loss of approximately $45 billion among drugmakers in 2022.
Last month, Sanofi SA (NASDAQ:SNY) announced an agreement in principle to settle approximately 4,000 lawsuits in the U.S. linked to the discontinued heartburn drug Zantac. Bloomberg added that the settlement will exceed $100 million.
In December 2022, U.S. District Judge Robin Rosenberg in Florida dismissed about 50,000 claims associated with GSK Plc (NYSE:GSK), Pfizer, Sanofi, and Boehringer Ingelheim, that claimed that the heartburn drug Zantac caused cancer, as a judge found the claims were not backed by solid science.
In 2020, the FDA confirmed the presence of NDMA in Zantac, leading to a nationwide recall. Subsequently, some manufacturers have reintroduced Zantac to the market with alternative active ingredients.
Despite legal victories for the companies involved, challenges persist as thousands of Zantac-related cases await resolution in various courts across the United States.
Read Next: GSK Settles Another California Lawsuit On Heartburn Drug Zantac Causing Cancer, Second Within A Month.
Price Action: PFE shares are up 1.33% at $28.14 at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.