Massive Zantac Product Liability Litigation Advances After Initial Settlements
GlaxoSmithKline will continue to defend itself against all claims alleging ranitidine increased the risk of cancer. Four generic firms reach settlements in the first case that had been scheduled for trial. GSK, Sanofi and Pfizer could pay $1bn-$2bn each in potential settlements, an analyst predicts.
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Billions of dollars have been wiped off the value of big pharma stocks as the market finally woke up to widescale litigation concerning allegations of increased cancer risk associated with the use of ranitidine. Two companies, GSK and Sanofi, are confident that there is no link.
Agency’s direct involvement in pharma product liability litigation is one of the most striking developments in the field over the past year. Chart of 16 cases in multidistrict litigation shows status of settlements and upcoming bellwether trials.
Following rumors a few weeks ago, Takeda has now formally agreed to settle most of the U.S. product lawsuits relating to its diabetes drug Actos, for a total of around $2.4 billion but with no admission of liability, in a move that will see the firm post a full-year loss.