Pfizer Inc. has agreed to settle more than 10,000 cases accusing it of hiding the cancer risks of its Zantac heartburn drug, according to people familiar with the deal, the biggest of the litigation.
The agreements cover cases in state courts across the US but don’t completely resolve the company’s exposure to Zantac claims, according to the people, who spoke on the condition of anonymity because they weren’t authorized to discuss the settlement publicly. Financial details of the accords weren’t immediately available.
The deal is likely to reassure investors, who have seen other Zantac makers, including GSK Plc and Sanofi, sign settlements. Concerns about the drugmakers’ exposure to Zantac suits helped wipe out about $45 billion in combined market value in the summer of 2022. The shares have since recovered and have risen on news of the earlier deals.
Pfizer shares fell 1.5% in trading before US markets opened Thursday. They’ve lost 27% in the past 12 months through Wednesday’s close.
“Pfizer has explored and will continue to explore opportunistic settlements of certain cases if appropriate, and has settled certain cases,” the New York-based company said in an emailed statement. “The company has not sold a Zantac product in more than 15 years and did so only for a limited period of time.”
https://revolver.news/2024/05/pfizer-very-quietly-agrees-to-settle-10000-cancer-lawsuits/