3rd Oct 2023 08:36
(Alliance News) - AstraZeneca PLC on Tuesday said it has settled legal matters involving its Nexium acid reflux and Prilosec heartburn products, parting with USD425 million.
The Cambridge-based pharmaceutical maker said the agreement resolves the product liability claims pending in the US District Court for the District of New Jersey, as well as in the Delaware Superior Court and the New Jersey Superior Court.
However, it added that it maintains its belief that the claims are "without merit", and it doesn't admit any wrongdoing in its settlement.
The firm explained that the settlement will allow it to avoid lengthy and expensive legal proceedings, and "move forward with its purpose of delivering life changing medicines to millions of patients around the world".
AstraZeneca said it will pay USD425 million in the settlement, for which it has made provision. It did not disclose any other terms of the deal.
Another case is pending in the US District Court for the Middle District of Louisiana, and is scheduled for April next year.
AstraZeneca shares rose 0.4% to 10,998.00 pence each on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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