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GSK PLC (LSE:GSK, NYSE:GSK) has agreed to pay up to $2.2 billion to settle around 80,000 US lawsuits concerning its heartburn medication Zantac, generically known as ranitidine. The plaintiffs alleged the drug caused cancer, although GSK maintains there is no evidence linking Zantac to an increased cancer risk and has not admitted liability.
Shares of GSK are seen rising 5% according to pre-market indications on Thursday after the British drugmaker agreed to pay up to $2.2 billion to settle lawsuits that claimed its discontinued heartburn drug Zantac caused cancer.
GSK said on Wednesday it had reached agreements with ten plaintiff firms, representing 93% of U.S. state court Zantac product liability cases pending against the drugmaker, for up to $2.2 billion.
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Pfizer on Monday won a bid in a London court to invalidate two of GSK's patents relating to a respiratory syncytial virus (RSV) vaccine.
GSK PLC's respiratory syncytial virus (RSV) vaccine, Arexvy, faces challenges that could impact its financial future, according to a report by Jefferies. The jab is designed to protect older adults from RSV, a common virus that can lead to severe respiratory infections.
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Data from a late-stage study shows that co-administering GSK's RSV and Shingles vaccines together was as effective as giving each separately.
British drugmaker GSK said on Wednesday it had agreed to settle two lawsuits in California that claimed its discontinued heartburn drug Zantac caused cancer.