28th Jun 2024 19:43
GSK PLC - London based pharmaceuticals company - Reaches confidential settlement with Martin Gross resolving the case he filed in Illinois state court regarding Zantac. GSK does not admit any liability in this settlement. The case will now be dismissed as to GSK. Continues to vigorously defend itself and manage this litigation in the best interests of the company and shareholders.
Zantac was a heartburn drug that was pulled off the market in 2020 at the request of the US Food & Drug Administration, after low levels of a "probable carcinogen" were found in samples. The carcinogen, known as NDMA, is not harmful in very small amounts. However, tests showed that there were excessive quantities of NDMA in ranitidine, otherwise known as Zantac. Multiple litigations have followed.
Earlier in June, GSK said a further case in Illinois had been dismissed. But shares fell after an adverse court ruling, also concerning Zantac. A Delaware judge allowed more than 70,000 lawsuits over the discontinued drug to go forward to trial, ruling that expert witnesses can testify in court that the drug may cause cancer.
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By Jeremy Cutler, Alliance News reporter
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