GSK agrees to settle about 80,000 Zantac lawsuits for up to $2.2 bln
Source: Reuters
October 9, 2024 4:27 PM EDT Updated 12 hours ago
Oct 9 (Reuters) - GSK (GSK.L) 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.
Read more: https://www.reuters.com/legal/gsk-reaches-up-22-billion-settlement-zantac-us-state-court-cases-2024-10-09/