GSK reached a settlement with a US citizen who alleged its discontinued heartburn drug Zantac caused cancer, preventing the first such lawsuit from going to trial
Companies facing litigation scored a victory in December, when a federal judge threw out tens of thousands of Zantac cases in U.S. federal courts after finding the opinions of the plaintiffs' expert witnesses linking the drug to cancer were not backed by science.
Bank of America analysts on Friday said they continued to see the litigation risk of Zantac to be low in absolute terms, suggesting that the settling the Goetz case would have likely cost GSK "low hundreds of millions" in dollars in the worst case. In a note, they predicted cases in Delaware were unlikely to progress to trial, and considered GSK's strategy of avoiding large public damages against them in "plaintiff-friendly courts as sensible as litigation is inherently unpredictable".wrangling and compensation wiped almost $40 billion off the market value of GSK, Sanofi, Pfizer and GSK-spin-off Haleon over roughly a week in August.
The FDA in 2020 withdrew from the market all remaining brand name Zantac and generic versions, triggering a wave of lawsuits. The companies involved have repeatedly denied that Zantac can cause cancer.the company's attempt to keep expert testimony on whether the drug is linked to cancer out of the trial.
Reporting by Natalie Grover in London and Eva Mathews in Bengaluru; Editing by Dhanya Ann Thoppil and Barbara Lewis
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