GSK Settles Another California Lawsuit On Heartburn Drug Zantac Causing Cancer, Second Within A Month
Portfolio Pulse from Vandana Singh
GSK Plc (NYSE:GSK) has confidentially settled another lawsuit in California alleging its heartburn drug Zantac caused cancer. This is the second settlement within a month, with previous cases also resolved confidentially. GSK does not admit liability in these settlements. The settlements resolve the final three breast cancer bellwether cases in California, exempting GSK from further pre-trial hearings. Zantac was a top-selling medication but was pulled from the market in 2020 due to carcinogenic concerns. GSK's stock rose 1.02 to $42.77 in premarket trading.
February 29, 2024 | 2:21 pm
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GSK Plc has settled another lawsuit in California related to its heartburn drug Zantac causing cancer, with no admission of liability. This follows a series of confidential settlements in similar cases. The resolution of these cases may reduce legal uncertainties and financial liabilities for GSK.
The settlement of these lawsuits, especially without admitting liability, potentially reduces the financial and reputational risks associated with ongoing litigation. This could be viewed positively by investors, as it removes some legal uncertainties and potential financial liabilities. The premarket stock price increase suggests a positive short-term impact on GSK's stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100