The Delaware Supreme Court has agreed to hear an appeal by GSK and other pharmaceutical giants, including Pfizer, Sanofi, and Boehringer Ingelheim, in their bid to halt more than 70,000 lawsuits alleging that the discontinued heartburn medication Zantac caused cancer. The companies are requesting the state’s highest court to reverse a lower court judge’s decision that allowed plaintiffs in the lawsuits to present expert testimony on the alleged cancer connection, which the drugmakers argue lacks support from reliable scientific methods.
Zantac, first approved by US regulators in 1983, became the world’s top-selling medicine in 1988 and one of the first to surpass $1 billion in yearly sales. The drug was marketed at various times by the four companies, all of which have been targeted by thousands of lawsuits. The litigation commenced after the US Food and Drug Administration requested manufacturers to withdraw the drug from the market in 2020 due to concerns that ranitidine, the active ingredient in Zantac and its generic versions, could break down into NDMA, a known carcinogen, over time or when exposed to heat.
Following the US court’s decision to hear the appeal, GSK stated, “Since 2019, there are 16 epidemiological studies looking at human data regarding the use of ranitidine, including outcomes for more than 1 million patients using ranitidine, supporting this consensus. GSK is committed to vigorously defending itself and managing this litigation in the best interests of the company and its shareholders.”
In December 2022, approximately 50,000 Zantac cases were dismissed in a pre-trial federal court hearing in Florida. Judge Robin Rosenberg, in her judgment, noted that no scientist outside the litigation had concluded that ranitidine causes cancer and that the plaintiffs’ scientists within the litigation consistently employed unreliable methodologies lacking documentation on experimental procedures, substantiation for analytical leaps, statistically significant data, and internally consistent, objective, science-based standards for impartial data evaluation.
GSK’s Nasdaq-listed shares closed up 4 per cent, or 1.68,at44.22 after the court hearing announcement. In London, before the news, the shares finished 15½p, or 1 per cent, higher at £16.18.
Post Disclaimer
The following content has been published by Stockmark.IT. All information utilised in the creation of this communication has been gathered from publicly available sources that we consider reliable. Nevertheless, we cannot guarantee the accuracy or completeness of this communication.
This communication is intended solely for informational purposes and should not be construed as an offer, recommendation, solicitation, inducement, or invitation by or on behalf of the Company or any affiliates to engage in any investment activities. The opinions and views expressed by the authors are their own and do not necessarily reflect those of the Company, its affiliates, or any other third party.
The services and products mentioned in this communication may not be suitable for all recipients, by continuing to read this website and its content you agree to the terms of this disclaimer.